Panayotis Constantinou has been appointed to the board of Pacific Sunwear of California Inc., filling a vacancy created by the resignation of Grace Nichols.
Constantinou controls the investment decisions of G12 Ltd., which last summer became the owner of about 20.2 million shares of PacSun stock, or 29.9 percent of those outstanding, in a distribution following the restructuring of Greek Investments.
Nichols, the former chief executive officer of the Victoria’s Secret Stores unit of Limited Brands Inc., was scheduled to resign as a director in June but elected to accelerate her move. She chaired the specialty retailer’s compensation committee and was a member of its nominating and governance committee.
Constantinou, who will stand for election to the board at the company’s annual meeting in June, won’t be compensated for his service as a director and isn’t expected to serve on any of PacSun’s board’s committees. PacSun’s board has eight directors. Prior to Constantinou’s appointment, seven of them were independent.
Anaheim, Calif.-based PacSun, which has been paring its store portfolio, ended fiscal 2011 with 733 units and a net loss of $106.4 million, or $1.60 a diluted share, including charges for store closures and a loss on derivative liability. Sales from continuing operations fell 0.4 percent to $833.8 million and were off 1 percent on a same-store basis.