Wet Seal names former Sears executive Goodman as CEO

Mon Jan 7, 2013 4:56pm EST

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Jan 7 (Reuters) - Women's clothing retailer Wet Seal Inc appointed John Goodman as its chief executive, five months after it fired its former CEO amid pressure from one of its biggest shareholders to stem a slide in sales.

Wet Seal fired the then CEO Susan McGalla in July after the company reported declining same-store sales for more than 11 months.

Activist investor Clinton Group, Wet Seal's second-largest shareholder, won control of the company's board last October, and said it would focus on turning the business around.

Goodman, who has worked with Sears Holding Corp, Gap Inc, Levi Strauss & Co, and Mervyn's, was named an independent director in September.

Forty-eight-year-old Goodman's appointment is effective immediately, Wet seal said in a statement.

The Foothill Ranch, California-based company's shares closed at $2.70 on Monday on the Nasdaq.

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