The Pacific Brands CEO Has Quit After A Disagreement With The Board

Getty/David Westing

The CEO of Pacific Brands has quit after a disagreement with the board over the company’s future.

Pacific Brands chairman Peter Bush today announced the company’s MD and CEO John Pollaers has stepped down.

“John’s decision to leave now has been driven by divergence between his views and those of the board regarding the best path forward for the company and its businesses,” Bush said.

“The divergence has become clearer as the strategic review being conducted by Macquarie Capital Limited has progressed.

“We respect John’s decision and wish him every success for the future.”

Last month the troubled rag trader warned its pre-tax earnings for 2013/14 could drop as much as 14 per cent below previous earnings forecasts of $105 million to be more likely between $90 million and $93 million.

At the time Pollaers said falling consumer confidence, post budget blues and a warmer winter was not helping retail sales.

Bush will step into the role of executive chairman while a replacement is recruited.

The company’s portfolio includes underwear brand Bonds, linen brand Sheridan and workwear label Hard Yakka.

Pacific Brands shares were trading at $0.54 a short time ago.