Adrenalina, which has made multiple bids to acquire Pacific Sunwear of California, has nominated a four-member slate to PacSun's board and called for the resignation of PacSun's CEO. In a letter dated Feb. 12, Ilia Lekach, chief executive of Adrenalina, claimed the ouster of PacSun CEO Sally Kasaks was “imperative for the company's survival.”
Adrenalina said it beneficially owns 2,097,313 shares in the aggregate, or approximately 3.2% of the outstanding shares of Pacific Sunwear.
The Adrenalina Group sent a letter to the CEO and Chairman of the Board of PacSun, Sally Frame-Kasaks that called for her immediate resignation. Adrenalina said the letter criticized “her for the massive deterioration in shareholder value at PacSun and for rejecting all attempts by the Adrenalina Group to set up a meeting with the PacSun Board to discuss its platform for enhancing shareholder value at the company.”
In December, Adrenalina, which runs a three-store chain, withdrew its offer to buy PacSun, blaming a fall in PacSun's share price, but had said it would continue to seek to acquire PSUN. Earlier, in October, PSUN rejected Adrenalina's raised offer to buy the company at $5 a share.
