Wet Seal CEO to resign in 2008

Wet Seal Inc., a clothing chain that has reported four consecutive annual losses, said Monday that Chief Executive Joel Waller had decided to leave the company when his contract ends Feb. 1, 2008.

A recruiting firm has been hired to help find Waller’s successor, the Foothill Ranch-based company said. It didn’t expand on his reason for leaving.

Waller joined Wet Seal as its CEO in February 2005 after running leather-clothing retailer Wilsons the Leather Experts Inc. for 20 years.

Wet Seal, which sells clothing for young women at 448 stores in the U.S. and Puerto Rico, reported an annual loss in its last fiscal year that narrowed to $12.8 million.

Shares of Wet Seal rose 12 cents, or 2.1%, to $5.75.