Pacsun Announces Executive Changes Effective June 15, 2023

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May 18, 2023, 14:00 ET

Brie Olson Appointed Chief Executive Officer

Mike Relich to Retire as Co-CEO; Will Transition to Vice Chairman on Pacsun Board

Russell Bowers Appointed Chief Operating Officer; Will Continue to Serve as CFO

LOS ANGELES, May 18, 2023 /PRNewswire/ -- Pacsun today announced a series of leadership changes whereby Brie Olson, Pacsun Co-Chief Executive Officer and Board member, will be appointed Chief Executive Officer, effective June 15, 2023. Mike Relich will retire as Co-CEO and will continue to serve on the Pacsun Board of Directors in a new role as Vice Chairman. Russell Bowers will be appointed Chief Operating Officer and will continue to serve as Pacsun Chief Financial Officer, overseeing Finance, Operations, and Information Technology functions in his expanded role.

Ms. Olson has over two decades of experience in the retail industry, including 17 years at Pacsun. She has served as Co-CEO since March 2023, and before that as President and a Board member since May 2021. Since becoming Co-CEO, Ms. Olson has been responsible for leading Pacsun's brand strategy, including spearheading the company's latest collaboration with Formula 1 at the Miami Grand Prix, launching PS Reserve, a custom curated retail platform, opening a slate of new stores in premier locations and establishing a new feedback channel between store staff and Pacsun's buying and design teams. During her tenure with Pacsun, Ms. Olson introduced Pacsun's first gender neutral collection, Colour Theory, and oversaw Pacsun's entry into the Kids' category with Pacsun Kids. She continues to guide the company's cutting-edge AI and metaverse initiatives, as well as key partnerships with cultural powerhouses including Kendall & Kylie, Emma Chamberlain and Storm Reid.

Ms. Olson stated, "I am excited to continue this adventure as the CEO of Pacsun, which is a cultural force on the forefront of fashion, music and sports. It is a privilege to work beside our talented team to bring the best brands, curated products and most innovative collaborations to our community of passionate young people around the world. I would like to thank Mike for his partnership and look forward to continuing to collaborate with him on the Board."

Neale Attenborough, a Managing Director at Golden Gate Capital, said, "Brie is a respected veteran and bold pioneer in the fashion industry and has been a key driver of Pacsun's success. She has gained critical expertise in numerous leadership positions during her 17 years at the company and has her finger on the pulse of emerging brands and trends. The Board has the utmost confidence that Pacsun will continue to thrive under her leadership."

Mike Montgomery, a Managing Director at Golden Gate Capital, said, "Russ has been a tremendous asset to Pacsun since he joined the company in 2017, and we look forward to the positive impact he will have with his broadened role in the company as COO and CFO."

Mr. Bowers commented, "I am pleased to take on the COO role and continue to work closely alongside Brie and the rest of the management team as we build on our strong momentum."

Mr. Attenborough continued, "On behalf of the Board, I want to thank Mike for his many contributions to Pacsun over the years, including his pivotal role in helping the company navigate through a challenging operating environment during the COVID-19 pandemic. Mike also successfully led several transformational milestones at the company during his tenure, including building out the company's omni-channel infrastructure to support continued ecommerce growth, strengthening the company's customer analytics tools and spearheading the company's entry into the China marketplace. We are pleased that we will continue to benefit from Mike's expertise in his capacity as Vice Chairman of the Board."

Mr. Relich said, "I am very proud to have helped position Pacsun as an industry leader and I look forward to continuing to work with the Pacsun team and Golden Gate Capital as Vice Chairman of the Board. Brie is an exceptional leader and I am excited to watch the company continue to flourish with her at the helm."

Brie Olson Biography

Ms. Olson joined Pacsun in 2006 as Senior Design Director (Women's) and has held roles of increasing responsibility since that time. Prior to becoming Co-CEO in March 2023, she held the titles of President, Chief Brand Officer, Chief Merchandising Officer and Senior Vice President of Merchandising and Design. Ms. Olson has over 20 years of experience in the retail industry and has played an instrumental role in building and strengthening Pacsun's brand through innovative strategies with a Gen Z focus. A graduate of Harvard Business School's Advanced Management Program, Ms. Olson also serves on the advisory board of the Women in Retail Leadership Circle and as a member of RETHINK Retail's Advisory Committee.

Russell Bowers Biography

Mr. Bowers joined Pacsun in 2017 as the company's Chief Financial Officer overseeing the brand's restructuring, financial strategy, ventures and risk management. Prior to joining Pacsun, Mr. Bowers accrued more than two decades of experience in multiple executive finance positions with notable fashion retailers including as COO and CFO at Hanna Andersson, VP, CFO North American Retail at Guess? and VP of Retail Finance at BCBG Max Azria. Mr. Bowers earned his Master of Business Administration from UCLA's Anderson School of Management.

ABOUT PACSUN

Pacsun is a leading specialty retailer offering a cross-section of emerging brands and trending fashion through the lens of youth culture. Throughout the contemporary, streetwear and active lifestyle markets, Pacsun partners with the best brands to offer curated collections, rare and exclusive products, and creative collaborations on every level. Founded in 1980, Newport, CA. Curated in Los Angeles.

ABOUT GOLDEN GATE CAPITAL

Golden Gate Capital is a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital. The principals of Golden Gate Capital have a long history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. For more information, visit www.goldengatecap.com.

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SOURCE Pacsun