MELBOURNE: The chief bean counter at troubled apparel group Pacific Brands has handed in his notice.
Stephen Tierney, who has been with the listed company for 20 years, has announced he will step down from his role as chief financial officer from early June.
Tierney will be replaced by David Bortolussi, currently chief strategy officer at Foster's Group.
Prior to joining Foster's in 2004, Bortolussi spent five years as a consultant with McKinsey & Company and was an advisor with Pricewaterhouse Coopers Corporate Finance.
Pac Brands' CEO Sue Morphet said Tierney would resign from the board in June but would continue to work with management and the board to ensure a neat handover.
Morphet said Tierney, who initially joined the company as group accountant, had played a central role in the group's moves from a public company to private ownership and then back again.
"He has been a long-serving and leading member of the senior executive team and played a key role in the development of our new Pacific Brands 2010 strategy for the future business. He has been a key contributor in helping the business identify areas for future growth such as the acquisition of Yakka, and helped lead the recent refinancing of the group."
For his part Tierney said he believed the company was in strong hands and the timing was right for him to hand over to "new talent and fresh eyes".
The labels under the Pac Brands umbrella include Bonds, Stussy, Hard Yakka and Lee.