PSEB Group, an operating company composed of Pacific Sunwear of California and Eddie Bauer, announced that Mike Egeck will be stepping down as CEO, effective February 4, 2020, to pursue a new opportunity outside of the apparel industry and be geographically closer to his family.
PSEB director Jim Gulmi, a 30-year specialty retail veteran, will serve as Interim CEO of PSEB while the Board conducts a search for a permanent replacement. Egeck will remain a PSEB shareholder and an active Board member following the transition.
“On behalf of the Board, I want to thank Mike for his leadership and dedicated service to this organization over the past eight years as CEO of Eddie Bauer and then PSEB. Mike led the successful transformation of the Eddie Bauer brand, was instrumental in the formation of the PSEB platform and has assembled best-in-class leadership teams at Eddie Bauer and Pacsun,” said Neale Attenborough, chairman at PSEB and Operating Partner at Golden Gate Capital. “We are thrilled that we will continue to benefit from his insights and expertise as a Board member.”
Egeck said, “I have been continuously inspired by the talent, performance and dedication of my colleagues across the organization and their steadfast commitment to delivering excellent products and experiences for our customers across their respective lifestyle brands. My conviction about the long-term opportunities for the PSEB platform and the Eddie Bauer and PacSun brands remains as strong as ever, and I’m pleased to continue as an investor in the business as well as an active member of the Board.”
Attenborough continued, “PSEB is performing well, with positive comps and good momentum from both brands coming out of the fourth quarter. I have enormous respect for and confidence in the senior leadership teams at both Eddie Bauer and PacSun, who have created this momentum for their brands. I am also confident that the organization is in good hands with Jim, who brings deep familiarity with our brands, as well as decades of relevant industry experience helping retail companies scale and grow. We are thrilled to have an executive of his caliber lead the organization during this interim period and remain excited about the future of the Eddie Bauer and PacSun brands.”
A highly experienced retail executive with a proven track record of helping companies increase revenue and profitability and scale operations, Gulmi has served as a PSEB director since its formation in 2018. Prior to that, Gulmi served as Interim CEO of PacSun from March 2017 through October 2018, as well as a member of PACSUN’s Board of Directors. Gulmi previously worked for Genesco, a leading specialty retailer, from 1971 to 2015, where he most recently served as CFO.
Gulmi said, “I am pleased to step into the Interim CEO role during the search for Mike’s successor. As a director at PSEB and previous Interim CEO of PacSun, I have seen firsthand how our success is driven by our commitment to delivering quality service, experience and products for our customers. I look forward to working with the terrific teams from both companies to continue to execute this strategy.”
Photo courtesy PSEB Group