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PacSun CFO Departs; Replacement Named

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Information from a Pacific Sunwear filing with the SEC today:

"On April 22, 2016, the Company selected Ernie Sibal, age 44, as its Vice President and Chief Financial Officer. Mr. Sibal has been the Company’s Vice President of Real Estate, Construction and Strategy since September 2015. Before that, he was the Company’s Senior Director of Real Estate, Construction and Strategy. Mr. Sibal has been employed by the Company since 2008 and has been instrumental in the restructuring and management of the Company’s real estate portfolio. He has a B.S. in Civil Engineering from Stanford University.

"Mr. Sibal replaces Chris Tedford, who resigned as the Company’s Vice President and Interim Chief Financial Officer on April 22, 2016, to pursue other endeavors. Since Mr. Tedford’s resignation was voluntary, he will not be entitled to receive severance benefits from the Company.

"Mr. Sibal will report to Gary H. Schoenfeld, the Company’s President and CEO, and will receive a base salary of $300,000 per year. He will be entitled to receive an annual bonus based on the Company’s achievement of a pre-set financial target and his achievement of performance criteria determined by Mr. Schoenfeld. His target bonus will be 35% of his base salary with a maximum bonus opportunity equal to 70% of his base salary. He also will be entitled to participate in the Company’s benefits plans on terms consistent with those applicable to other executives of the Company."

 

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