Oct 10 (Reuters) - Clothing retailer Wet Seal Incnamed a Clinton Group nominee as chairman of its board, afterreplacing four of its board members with the activist investor'snominees last week.
Lynn Davey, previously chairman and chief executive ofAvalon Group Ltd, will replace Harold Kahn, who was among theboard members who resigned following the Clinton Group's effortsto bring changes to the board.
Wet Seal has been under pressure from the Clinton Group toturn around its business following a continuous decline inmonthly same-store sales.
Shares of the Foothill Ranch, California-based companyclosed at $3.035 on the Nasdaq on Tuesday.
(Reporting By Maria Ajit Thomas in Bangalore; Editing bySaumyadeb Chakrabarty)
Keywords: WETSEAL CLINTONGROUP/