PacSun, Adrenalina End Proxy Fight

mike lewis

• April 03 2009
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Pacific Sunwear announced today that Adrenalina has withdrawn its nominations of four director candidates for PacSun’s board of directors, effectively ending the proxy battle that Adrenalina had been pursuing.

The company says that the withdrawal follows a meeting earlier this week between several PacSun independent directors and Adrenalina’s CEO Ilia Lekach. Accroding to Pacific Sunwear’s Lead Independent Director Peter Starrett: “We appreciated the opportunity to have an open and frank discussion with Mr. Lekach, and to hear his ideas and suggestions. We are pleased that Adrenalina has determined not to pursue a proxy contest, so that the Company can devote all of its resources and attention to the important task of operating its business.”

Mr. Lekach added: “I also appreciated the opportunity to meet with Mr. Starrett and several of his fellow independent directors, and to communicate my ideas for strengthening Pacific Sunwear’s business.”