Wiggett Named Bebe CEO
Jim Wiggett’s temp job has been made permanent.
Wiggett joined Bebe Stores Inc. in June as an interim chief executive officer for the San Francisco Bay Area–headquartered contemporary mall retailer. On Dec. 15, he was named as the permanent CEO for Bebe, said Manny Mashouf, the company’s founder and chairman of the board.
“Jim has made considerable progress in executing our turnaround strategy. We have been impressed with his leadership and results orientation during his interim assignment and are highly confident in his ability to lead the company. We look forward to the future successes that Mr. Wiggett will bring to the Bebe brand.”
Wiggett had served as an adviser to the brand and was appointed as its interim CEO after Steve Birkhold, Bebe’s former CEO, resigned after spending 18 months trying to turn the company around.
In Bebe’s last financial quarter, the first quarter of its fiscal 2015 year, which was reported on Nov. 6, the company showed a slight 0.7 percent increase in same-store sales. Net sales were $102.2 million, which represented a 6.5 percent decrease from $109.3 million reported in the same quarter last year.
Bebe also recently announced that Lawrence Smith, its senior vice president and general counsel, will leave the company on Dec. 16. Smith will receive a severance payment of $502,500, which comprises one year of his annual base salary plus his target bonus.