Insider Transactions Reported - Last Two Years Date Insider Shares Type Transaction Value* Aug 13, 2012 FABRICANT EMILIA Officer 7,662 Direct Option Exercise at $6.20 per share. 47,504 Aug 9, 2012 FABRICANT EMILIA Officer 20,492 Direct Option Exercise at $0 per share. N/A
Pretty weird to just suddenly pick up and leave especially on a Friday afternoon. Voluntary or forced departure? Conflicts with Manny?
I wonder if she is going to land at Wet Seal, which is looking for a new CEO. She lives in southern California where Wet Seal is located and previously worked for Charlotte Russe. If so, there will be issues with non-compete agreements -- Wet Seal does have a chain called Arden B that I would consider a direct competitor with Bebe. The Wet Seal chain targets a different customer and price points.
If it is voluntary move, there will be no severance or exit package. If there is an exit package, buyout or severance, then there was a conflict with Manny and she was forced out. This should come out in the earnings call.
I thought she seemed to be doing a good job. I had been concerned when she was originally hired since she did not seem to stick around in any of her previous positions at other companies for any long period of time before joining Bebe. She only seemed to hang around a year or so before leaving. She joined Bebe in late 2010. Bebe seems to have problems finding good people for senior management positions and run the business. There is a lot of turnover. It makes you wonder how tough it is to work for Manny.
This is a negative for Bebe given the important upcoming holiday season and her loss given the positive perception with Wall Street analysts. They need to find a good person to replace her.
Emila Fabricant resigned and moved back to the ease coast. Her husband works in NYC and had been commuting back and forth between the east and west coast. Too bad this happened. I thought she had made a lot of good improvements. Manny did say Bebe was looking to hire a new CEO, but he will stay on as chairman. They need to get a new specialty retail expert to re-energize the company. The results for the quarter were very subpar. All the positive momentum seems to have stalled.