PacSun's Harmon to Retire
In the 14 years that Tim Harmon worked at Pacific Sunwear of California Inc., he helped transform the Anaheim, Calif.–based teen retailer from a regional company to a powerhouse with 1,029 stores across the United States. Harmon announced his retirement as PacSun’s president and chief merchandising officer June 16. His retirement will be effective July 1.
The investment community was sad to see Harmon go, said Jeffrey van Sinderen, a retail analyst with Los Angeles–based B. Riley & Co. “He was at the company when they delivered the best results they ever had. He deserves some credit because he was the merchant,” van Sinderen said.
The company will not appoint a replacement for Harmon. Tom Kennedy, division president of PacSun, and Louann Bett, division chief for the company’s urban concept, d.e.m.o., will divide Harmon’s responsibilities. The company also announced June 16 that it hired Reenie Benzinger, a 17-year veteran of Gap Inc., as executive vice president of merchandising for the PacSun division. She will report to Kennedy.
Harmon’s retirement signals a changing of the guard at the $1 billion company. Early this year, Chief Executive Officer Greg Weaver left daily management of the company and Chief Financial Officer Carl Womack retired.“They have a completely new team now,” van Sinderen said. “Sometimes a fresh perspective can be helpful.” —Andrew Asch
