bebe stores has a new chief financial officer.
On Tuesday, the fashionable retailer, which targets "contemporary women," announced it has promoted Principal Accounting Officer and Vice President-Corporate Controller Liyuan Woo to the position of CFO. Woo will retain her PAO title as well.
In a concurrent SEC filing, bebe advised that it will be paying Woo a $375,000 base salary in her new position, and will also make her eligible for an annual bonus targeting 50% of base salary. Additionally, the company says it is discussing a stock options "and/or" a restricted stock grant to further compensate Woo, but it has reached no decision on that point yet.
Woo will replace current Chief Operating Officer and CFO Walter J. Parks, who is leaving on May 3. At that time, his COO duties will be absorbed into the office of the chief executive officer, with CEO Steve Birkhold taking over all COO functions going forward.
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