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Wet Seal fires CEO as sales sink
Foothill Ranch, Calif. -- Wet Seal said Monday it has fired CEO Susan McGalla, effectively immediately, citing “financial performance of the chain” as the sole reason for her termination.
No successor is in place, and the company said that CFO Steven Benrubi, along with chairman Hal Kahn and COO Ken Seipel, will serve in that capacity during the search process.
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Michaels launches search for new CEO
Irving, Texas -- Michaels Arts and Crafts said Friday it will be seeking a new top executive to replace CEO John Menzer, who has resigned to recover from a stroke.
After Menzer suffered a stroke in April, Michaels created an office of the CEO comprised of Lew Klessel, interim COO and a managing director of Bain Capital, and Chuck Sonsteby, Michael’s chief administrative officer and CFO. The pair will continue to lead the company until Menzer’s successor is hired.