Pacific Sunwear CEO Resigns

Retail veteran Sally Frame Kasaks is named as the interim replacement.
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Pacific Sunwear

(PSUN)

, struggling with continued declines in same-store sales, said Monday that CEO Seth Johnson has resigned.

The surf-apparel retailer named Sally Frame Kasaks, its lead director, as interim chief executive.

Kasaks, 61, is a retail industry veteran, having served as chairman and CEO of

AnnTaylor

(ANN)

from 1992 to 1996, and president and CEO of

Abercrombie & Fitch

(ANF) - Get Report

from 1989 to 1992. She also headed

Talbots

(TLB)

from 1985 to 1988, when the women's clothing retailer was a division of

General Mills

(GIS) - Get Report

.

Pacific Sunwear also said its September same-store sales fell 2.4%, while total sales increased 4% to $118.2 million. The company backed its third-quarter guidance for earnings of 22 cents to 30 cents a share, excluding a charge of 1 cent a share related to Johnson's departure.

Analysts polled by Thomson First Call estimate earnings of 25 cents a share.

The CEO change comes as Pacific Sunwear has posted a long string of lower same-store sales and profits. The company's guidance for the third quarter was well below analysts' projection when originally given in August.

Pacific Sunwear shares advanced 92 cents, or 6.1%, to $16 in premarket trading.