Pacific Sunwear of California announced this afternoon that PacSun division President Thomas Kennedy has resigned. He won't be replaced.
I expect we will see more resignations and departures from retailers and brands in coming months.
Here's a little about Tom's background from the company's 2007 annual report that I pulled from the SEC website. His total compensation in 2007 was $1.5 million including stock awards and bonus.
"Thomas M. Kennedy joined the Company in May 2004 as Division President of PacSun. In this position, he has responsibility for all merchandising, design, marketing and store operations of the PacSun concept. Mr. Kennedy has more than 20 years of experience in the retail and apparel industries. Prior to joining the Company, he served Nike, Inc. as Vice President of Global Lifestyle Apparel. Prior to that, Mr. Kennedy served in various merchandising positions in roles of increased responsibility, including Buyer, Merchandise Manager, Divisional Merchandise Manager, and Vice President of Men's Apparel, at The Gap, Inc. within both Gap and Old Navy."
Here's the release about his departure:
ANAHEIM, Calif., Dec. 9, 2008 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (NasdaqGS:PSUN - News), announced today that Thomas M. Kennedy, Division President of PacSun, has resigned his position with the Company to pursue other interests. Mr. Kennedy's responsibilities are expected to be reassigned to members of the Company's existing management team.
``We very much appreciate Tom's contributions to the business during his tenure, and wish him the best in his future endeavors,' commented Sally Frame Kasaks, the Company's Chairman and Chief Executive Officer.
About Pacific Sunwear of California, Inc.
Pacific Sunwear is a leading lifestyle specialty retailer rooted in the youth culture and fashion vibe of Southern California. The Company sells casual apparel with a limited selection of accessories and footwear designed to meet the needs of teens and young adults. As of November 29, 2008, the Company operated 816 PacSun stores and 126 PacSun Outlet stores for a total of 942 stores in 50 states and Puerto Rico. PacSun's website address is http://www.pacsun.com.