Pacific Brands' chief quits
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Pacific Brands has announced chief executive John Pollaers is leaving the company due to disagreements with the board. This comes just a month after management reduced its earnings before interest and tax (EBIT) guidance for the full-year by 15% to $90-93m due to weather and a general retail downturn.
Pacific Brands’ chairman, Peter Bush, said ‘John's decision to leave now has been driven by a divergence between his views and those of the board regarding the best path forward for the company and its businesses’.
Pacific Brands faces increasing margin pressure from large retailers promoting cheap home brand products but Pollaers, along with previous chief executive Sue Morphet, did a commendable job restructuring the company, reducing debt and cutting dead brands. However, the company’s store roll-out and international expansion plans make us uncomfortable due the added risks they present. We hope the boardroom stoush was because the board, not Pollaers, wanted to reign in these initiatives.
We’ll hear more from the company when it reports its full-year result next month, but with the stock flat since What would you pay for Pacific Brands? from 22 Apr 14 (Hold – $0.54), we’re sticking with HOLD.
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