Talk about mutiny.
A majority of troubled teen apparel company Wet Seal’s incumbent directors, including the chairman, will step aside after shareholders overwhelmingly voted to remove them from the board, The Post has learned.
Four of the seven directors agreed to resign late last night after losing a battle with Clinton Group, an activist hedge fund that has been pushing to shake up the company and its board, sources told The Post.
The outgoing directors will be replaced by Clinton’s slate of candidates.
Along with Chairman Harold Kahn, shareholders rejected Jonathan Duskin, an investment company CEO, lawyer Sidney Horn, and Henry Winterstern, a hedge-fund manager.
As much as 63 percent of the outstanding shares were voted in favor of their removal, a person with knowledge of the results told The Post.
Clinton, which has a 7 percent stake in Wet Seal, has been pushing for changes at Wet Seal amid slumping sales and increased competition from Forever 21 and other chains.
The company has also been without a CEO since July 23, when it fired Susan McGalla after just 18 months on the job without naming a replacement.
“We were pleased with the overwhelming support shown by stockholders for our proposals and believe the company is now on the right footing for future growth,” said Clinton Managing Director Greg Taxin.
Joining the remaining three board members are: Mindy Meads, former co-CEO of Aeropostale; Lynda Davey, an investment banker; John Mills, president of a retail-consulting firm; and Dorrit Bern, former chairman and CEO of Charming Shoppes.
A spokesman for Wet Seal declined to comment.