CEO shake-up at Hot Topic

CITY OF INDUSTRY, Calif. -- Hot Topic announced Monday that CEO Betsy McLaughlin has resigned the company, effectively immediately, and will be replaced by current board member Lisa Harper.

The move came two weeks after the company announced a fourth-quarter net loss, reversing a profit from a year ago, as revenue slipped by 1%.

According to the retailer, McLaughlin will continue to assist in the transition over the next three months.

McLaughlin joined Hot Topic in 1993 as head of merchandising, a position she served in until 1995. From 1996 to 1999 she served as president and was named CEO in 2000. During her time at the company, she helped launch the company's Torrid division, which focuses on plus-size teen fashions.

Bruce Quinnell, chairman of the board, said, "We thank Betsy for her many years of dedicated service to Hot Topic. We also welcome Lisa to the management team, and look forward to her guidance and leadership."