Wet Seal CEO John Goodman steps down

Wet Seal (NASDAQ:WTSL) has indicated the resignation of CEO John Goodman in a regulatory filing on Sept. 2. Goodman's resignation comes only two years after he joined the retailer of teen apparel in efforts to turn the company around. He has already been replaced.

His resignation isn't fresh. Goodman's departure has been effective since Aug. 26, and there has been no reason attributed to the management shift, reported The Associated Press.

Goodman has been succeeded by Edmond Thomas, 61, who previously acted as president and CEO of Wet Seal from October 2007 to January 2011.

Goodman joined the company in January of 2013 after the firing of former CEO Susan McGalla, who was ousted after a bout of declining sales and a racial discrimination lawsuit.

The executive changeup follows Wet Seal's expanded launch of the new line of Wet Seal+ stores, a move signifying the retailer's new investment in the growing plus-size women's shopping market estimated to be worth $16.2 billion at the end of 2013.

The retailer has been suffering declining sales since the fourth quarter of 2014, and the refocused merchandise targeting of Wet Seal+ indicated the onset of a new path forward. Story