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PHILADELPHIA - Maternity apparel retailer Mothers Work Inc. said Monday Chief Executive Dan Matthias is retiring, effective Tuesday.
| MWRK | 6.75 |  -0.12 |
Chief Operating Officer Edward Krell will take Matthias's place, effective Wednesday, and serve as a member of the board of directors.
Krell joined Mothers Work in 2002 and held a number of positions, including chief financial officer and chief financial officer.
The company will record a pretax charge of $2.5 million in the fourth quarter in connection with Matthias's retirement. Mothers Work will raise by about 10 percent and "fully accelerate" Matthias's supplemental pension benefits, according to a retirement agreement.
Matthias will also receive $200,000 annually for board and advisory services.
Shares of the company rose 2 cents to $13.77.
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