Pacific Brands CEO steps down
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Pacific Brands (PBG) chief executive John Pollaers has quit the company due to differences with the board about the struggling clothing maker's direction.
Chairman Peter Bush said Mr Pollaers had revitalised the company's culture, simplified its business model and worked to drive performance of the key businesses during his tenure, however the ongoing strategic review brought tensions within the company's executive to a head.
“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," Mr Bush said.
"This divergence has become clearer as the strategic review being conducted by Macquarie Capital Limited has progressed."
He had led the company for just under three years, having replaced Sue Morphet who quit in September 2012.
Mr Bush will take on the role of executive chairman, pending appointment of a replacement chief executive for the maker of Bonds and Sheridan.
The news comes after Pacific Brands last month cut its full-year guidance to between $90 million and $93m before significant items on the back of challenging market conditions, declines in consumer sentiment and warm weather.
The new target represents a cut of up to 14% from the $105m earnings estimate given during its interim results.
Sales are expected to have grown by about 3% in the financial year.
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