Board Changes at The Wet Seal
Henry D. Winterstern, chairman of the board of directors of The Wet Seal, has announced plans to step down from his position with the teen retail chain to focus on his other business commitments.
Winterstern will continue to serve on the board of the Foothill Ranch, Calif.–based retailer. Joel Waller, chief executive officer and president of the chain, will replace Winterstern as chairman.
The company was in a good position to make the shift in board leadership, according to Jeffrey Van Sinderen, a retail analyst Los Angeles–based B. Riley & Associates. “[Winterstern] didn’t have to be the chair anymore,” Van Sinderen said. “[Wet Seal] has $100 million in cash on its balance sheet. It made sense to make a transition. He’s got extensive time demands from his other businesses.”
