Too Inc. Financial Chief to Resign

Operating Chief William May will assume CFO responsibilities.
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Shares of specialty retailer

Too Inc.

(TOO) - Get Report

were falling about 7% after the company said Monday that both its chief financial officer and president of its Limited Too division are resigning, effective late June.

Kent A. Kleeberger, executive vice president and CFO, and James C. Petty, president of Limited Too, will leave the company on June 23. Both are leaving to pursue other interests.

Shares of the New Albany, Ohio-based company were lately down $1.21 at $15.79.

Chief Operating Officer William May will assume Kleeberger's responsibilities, and the company will start an immediate search for a replacement for Petty.

Mike Rayden, president and chief executive, will assume day-to-day responsibilities for Limited Too until a replacement is found.

The company operates 555 Limited Too stores and 27 Justice stores.