What’s going on over at PacSun

Steve’s breakdown: The CEO left without a reason. hmmmm – That means there is one! Now there’s a CFO in charge and you know that won’t last long. Good time to sneak in there.

ANAHEIM, CA: PacSun owner Golden Gate Capital has named a former top Genesco executive as Interim CEO.

James Gulmi served for 29 years as the CFO of Genesco, the parent company of large footwear retailer Journeys, an industry customer.

Gulmi has joined the PacSun Board of Directors and will lead the company during the search for a new CEO.

PacSun also released a statement about the departure this week of longtime CEO Gary Schoenfeld. (Read our interesting interview with Gary Schoenfeld about his departure here.)

“We are grateful to Gary Schoenfeld for his significant contributions to PacSun over the past eight years, including steering PacSun through a successful restructuring in only five months.

“Now, as a stronger and more competitive company, PacSun is embarking on its next chapter of growth.  Jim Gulmi, who served as CFO of Genesco for 29 years, will be interim CEO while the PacSun Board of Directors and leadership team conduct a search for a permanent CEO.

“Mr. Gulmi is extremely well qualified, bringing extensive knowledge of the specialty retail space and deep financial acumen.  We are very pleased that Jim also will be joining the PacSun Board of Directors on a permanent basis.”

Here is some biographical information about Gulmi provided by PacSun.

James “Jim” Gulmi has more than 44 years of experience in corporate finance, strategic planning and leadership of complex organizations as well as deep specialty retail expertise.  Mr. Gulmi joined Genesco, a retailer of branded footwear, licensed and branded headwear and wholesaler of branded footwear, in 1971 as a Financial Analyst and assumed successive leadership roles over the following years, leading to his appointment as CFO in 1986.

Mr. Gulmi served as CFO of Genesco for 29 years, helping to drive the Company’s transformation into a market-leading specialty retailer.

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