Seth Johnson, who was hand-picked to lead Pacific Sunwear of California Inc. two years ago, resigned on Monday amid a slump for the operator of mall stores for teens.
Director Sally Frame Kasaks was named as interim chief executive as Anaheim-based Pacific Sunwear searches for a permanent replacement.
Kasaks, a director since 1997, ran Ann Taylor Stores Inc. in the 1990s and Abercrombie & Fitch Co. before that.
Johnson’s resignation came as the company announced disappointing September same-store sales, the latest in a series for Pacific Sunwear.
Sales at stores open at least a year were down 2.4% last month, Pacific Sunwear said.
Same-store sales at the company’s dominant PacSun surfwear chain were down 1.2%. D.e.m.o., the company’s smaller chain selling urban clothes, fell 9.4%.
For August, Pacific Sunwear reported a 9.4% drop in same-store sales.
Six weeks ago, the company reported weak second-quarter results in August and warned about the recently ended third quarter as it struggles to come up with the right mix of clothes for its some 1,000 stores.
Johnson took over as chief executive last year after being hand-picked by longtime boss Greg Weaver in 2004. He served as chief operating officer under Weaver for six months before becoming chief executive in spring 2005.
Weaver, who oversaw a heady growth run at Pacific Sunwear, became executive chairman and left the company altogether in March.
Johnson’s contract recently was renewed for another year, extending to Oct. 31, 2007. Pacific Sunwear’s shares jumped nearly 9% early Monday on news of his departure.
