Tween Brands shares fall on COO resignation

Kenneth T. Stevens, secretary, president and COO, will leave effective June 27.

Shares fell $1.31, or 6.9 percent, to $17.74 during morning trading. The stock has traded between $16.69 and $47 over the past year.

"I suggested to (Chairman and CEO Mike Rayden) and he concurred, that the business was not evolving in a manner that required a chief operating officer at this time," Stevens said in a statement.

The company has faced some executive turnover recently. Its chief financial officer left in February and was replaced by Rolando de Aguiar in May. Limited Too President Jill Dean resigned in March.

In May, Tween Brands, which operates Limited Too and Justice stores, said profit fell 66 percent, hurt by weak results at its Limited Too stores and costs related to departing executives, but results beat expectations and sales rose 13 percent.