Pacific Sunwear of California, Inc. (PSUN) announced today that Gary Schoenfeld will be taking over Sally Frame Kasaks duties as CEO effective June 29. Schoenfeld formerly held the position of President and CEO at Vans. Kasaks will remain on the company’s board of directors.
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Bob Hurley and Sally Frame Kasaks received top honors this weekend at the Otis College of Art and Design’s 27th Annual Scholarship Benefit and Fashion Show in Beverly Hills.
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Pacific Sunwear Of California, Inc. (PSUN) just released an official response letter to Adrenalina Chairman and CEO, Ilia Lekach. Lekach wrote a letter to PacSun CEO Sally Frame Kasaks initiating a proxy contest, demanding Kasaks’ resignation, and nominating four board members on February 12.
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Adrenalina announced Wednesday, February 12, that it has nominated four director candidates for election to the Pacific Sunwear board, according to an article published on Businesswire.com. Adrenalina also sent a letter to PacSun Chairman and CEO Sally Frame-Kasaks, calling the company out for not accepting Adrenalina’s offer to buy the company at $5 per share, and for ignoring its pleas to discuss ideas for enhancing shareholder value, according to the report. Adrenalina owns 2,097,313 shares in the aggregate, or approximately 3.2% of PacSun’s shares. The letter also calls for Frame-Kasaks’ immediate resignation. Here’s a direct excerpt from the letter, as published on Businesswire.com:
“For a Company whose focus is on “cost reduction actions,” we note that you continue to handsomely reward yourself with compensation. You conveniently say that the Company needs to “be prudent” in managing its costs. Why haven’t you reduced your take-home salary significantly? We were not surprised to see management and the Board take such a self-serving position, considering the ease with which management has generated cost savings by eliminating a vast number of corporate positions while presumably leaving its own bloated compensation intact. As an example, we note that your compensation in 2007 was over $3 million, more than 60% of the estimated savings achieved by the Company’s recent elimination of 47 positions at its Anaheim headquarters and 10 field management positions. This Board and management team collectively own just over 1% of the outstanding shares and therefore have no significant ownership stake. Clearly, while stockholders have suffered mightily, the wallets of this Board and management team with little “skin in the game” have gotten fatter. ”
Read the entire press release and letter HERE.
CEO Sally Frame Kasaks was losing her voice, but she came out with a banger of a Mark Twain quote: “The rumors of our death have been greatly exaggerated.” She highlighted the biggest achievements of 2008, and reminded us that skinny jeans and v-necks killed it at retail.
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