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Wet Seal terminates rights plan; offers two board seats to activist investor
Foothills Ranch, Calif. -- The Wet Seal Inc. said Thursday it has dropped its temporary shareholder rights plan, citing feedback from stakeholders, and has proposed to expand its board to include two nominees of activist investor Clinton Group.
In July, Clinton Group, which owns approximately 7% of Wet Seal, called for a sale of the retailer, expressing dissatisfaction with its performance, and made a play for four seats on the board. In response, the retailer adopted a temporary shareholder rights plan with a 10% trigger.
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Staples names new general counsel
FRAMINGHAM, Mass. — Staples has named Michael Williams as SVP, general counsel and secretary, effective Nov 7. Williams will have global management responsibility for the company’s legal team and will report to Ron Sargent, Staples’ chairman and chief executive officer.
“Mike brings more than 25 years of legal management experience to Staples,” Sargent said. “With his proven leadership and experience across industries, he will play an important role in supporting the company’s growth.”