Clothing manufacturer Pacific Brands has named its new head, as current CEO Sue Morphet prepares to step down.
Morphet, who joined the company in 1996, will relinquish her CEO role on September 3 and hand responsibilities over to John Pollaers, but will assist with the transition throughout September.
Commenting on her impending resignation Morphet said she has spent an “extraordinary” set of years with the company.
“It has been an honour to lead Pacific Brands, a company I joined in 1996. It would be fair to say there have been some very difficult times and some great times as we have made the changes necessary to set Pacific Brands up for future strength and growth,” she said.
“I am a firm believer that 5 years is just about the right length of tenure for a CEO. It’s time for a fresh set of eyes and new energy to take this great company forward. I would like to thank my board, employees, customers and consumers for their support. After a break and time with my family, I am looking forward to a new set of challenges.”
Pacific Brands chairman Peter Bush also paid tribute to Morphet and her time shaping the business.
“In the five years since Sue’s appointment she has driven a transformational restructuring of Pacific Brands. Sue has taken the business from having well over 300 brands and a significant debt load to being the consolidated, key brand?focused, comparatively low?debt company it is today. All of this has been achieved against the backdrop of market uncertainties and structural change within the sector,” he said.
“In transforming the company and making difficult but necessary changes, Sue has had to manage some of the toughest challenges a chief executive ever meets. She has the utmost respect of the board and her team.”
Bush added that Pollaers was a welcome addition to the Pacific Brands management circle and the perfect fit to lead the company into a new era.
“With the transformation complete and having had discussions with Sue with regard to planning leadership succession, the board focused on identifying the executive best placed to drive the future performance of the business. We all agree that John is the right person to take the company forward,” he said.
“The board was pleased to have someone of John Pollaers’ calibre to lead the business. His
appointment followed an international executive search [and he] brings a different set of skills and experience to the company.”
Pollaers has previously worked as a public company CEO and has a 22-year track record in international consumer products.
Speaking on his appointment, Pollaers said he is excited by the opportunity to lead the team at Pacific Brands.
“I am looking forward to building on the areas of momentum already in the business,” he said.
“I feel certain there are further opportunities for growth within the Pacific Brands portfolio and I look forward to tapping into the possibilities for this business.”
Upon officially starting his role in September, Pollaers will receive a combination of fixed annual remuneration (FAR), short term incentive and long term incentive. These are comparable with the existing CEO's remuneration package.
His fixed annual remuneration for the first year will be $1.4 million (inclusive of superannuation and any car allowance) and is reviewable each year effective July 1.