Vera Bradley (NASDAQ:VRA) will have a new man in the chief executive's office starting next week. The company announced that it has named Robert Wallstrom to that position, as well as president. He will also take a seat on the board of directors. The appointments are effective next Monday.
Wallstrom replaces the retiring Michael Ray, who will serve as an advisor for "a brief time period" to smoothly effect the transition.
Wallstrom is an apparel industry veteran, having most recently served as the president of Saks' OFF Fifth product line.
An SEC filing submitted by Vera Bradley indicates that its incoming CEO's initial base salary will be $750,000 per year. He will also be eligible for bonuses and stock options.