The chairman of
, the mall-based teen-clothing chain, announced his decision to leave his post late Tuesday, citing commitments to other business endeavors.
Henry Winterstern, who became chairman of the company during its dark days in late 2004, said he will step down, and Joel Waller, Wet Seal's chief executive, will take his place. Winterstern will remain on the board of directors.
Winterstern also sits on the board of
Dick Clark Productions
. He has a 20-year track record as a strategic adviser for large institutions such as Capital Communications, a media and telecom investment fund of Quebec's Caisse de Depot et de Placement, and the Whitehall Street Fund, a fund managed by
He was installed as chairman at Wet Seal by S.A.C. Capital, a hedge fund that arranged a complex array of financing to orchestrate a turnaround at the retailer. Wet Seal's sales have since been rejuvenated, but its bottom line has been sapped as a result of charges related to the financings.
Shares of Wet Seal, which also operates the Arden B. chain, are up 85% since the beginning of 2005. On Tuesday, they added 2 cents, or 0.4%, to $4.69.