PacSun hires full-time controller as CFO steps down
By Sara Ehlers
Jul 29, 2016
Los Angeles - PacSun, also known as Pacific Sunwear of California Inc., recently just made a couple of changes in their executive team. Their chief financial officer and vice president recently had stepped down, and in their replacement PacSun brought on James Chu as a full-time controller.
Ernie Sibal served as previous chief financial officer for PacSun. He took the role on in April and left just last week. There was no released reason for his departure. Sibal’s previously held the role as vice president of real estate, construction and strategy for PacSun before moving up. However, Chu is stepping in to his full-time position starting August 8. Also, according to WWD, the company’s filing stated that a “part-time experienced financial executive” was brought on. It was not confirmed whether or not that was in reference to Chu or if there is someone else stepping in as well.
PacSun currently filed in bankruptcy court earlier this week. The SoCal retailer has been struggling financially for some time now and could be working to turn things around. Recently, the company has been losing more and more money. Chu’s hiring could be a way for PacSun to get back on its way to making a profit. However, it is unclear yet where the retailer is heading.