Corporate Governance

Foothill Ranch, Calif. -- Wet Seal Chairperson Lynda Davey is resigning from her post, effective Oct. 1. The announcement of her resignation comes on the heels of the departure of the troubled teen retailer’s CEO. Davey will be replaced by Adam Rothstein.

San Francisco -- Over two-thirds (68%) of women are more likely to buy from a company that uses models of varying sizes, according to a new study by online fashion retailer ModCloth. And only 13% of women agree that "real women" are accurately portrayed in the fashion industry.

Woonsocket, R.I. -- CVS Caremark on Wednesday announced that it is changing its corporate name to CVS Health to reflect its broad healthcare commitment. The company also announced the end of tobacco sales in CVS/pharmacy stores as of Sept. 3, nearly a month ahead of its previously targeted date of Oct. 1.

Christopher & Banks president and CEO LuAnn Via said financial results for the second quarter ended Aug. 2 were solid, adding that the company made continued progress toward its long-term growth objectives.

Net sales at the specialty women’s apparel retailer totaled $106.6 million, an increase of 2.3% from $104.2 million for the year-ago period. During the quarter, the company operated an average of 9.3% fewer stores than during the comparable period last year. Same-store sales increased 2.6%.

Fremont, Calif. - Jos. A. Bank has reached an early termination agreement with Jim's Formal Wear, effective Dec. 31. The company will record a one-time charge of $4.5 million in its fiscal 2014 third quarter in connection with early termination of this contract to supply tuxedo rental inventory and logistics.

Wet Seal CEO John D. Goodman has resigned from the role he took in January 2013. He was charged with turning things around for the struggling retailer and replaced Susan McGalla, who was herself ousted after 11 months amid declining sales.

Boca Raton, Fla. – Keith Sherwell, who served as CIO of Sears Holding Corp from March 2010 to June 2013, has been named CIO of the Office Depot international division, effective Sept. 15. Sherwell advised the board of OfficeMax during merger negotiations with Office Depot, and has served as a technology integration consultant to Office Depot since the completion of the merger in November 2013.

Filip Technologies, developer of FiLIP, a wearable phone and locator for kids, has appointed former MapQuest executive Patrick McDevitt as SVP of engineering.

McDevitt will be in charge of the overall direction and growth of the company’s software engineering team as the company develops the next generation of wearable products for kids. He will report directly to Jonathan Peachey, CEO of Filip Technologies.