Pacific Brands announces new CEO, $224 m loss

Pacific Brands has announced David Bortolussi as its new
CEO, filling the position left by John Pollaers in July.

The announcement was made this morning by acting executive
chairman Peter Bush, who has resumed as non-executive chairman.

“David’s background and deep knowledge and experience in the
company see him uniquely qualified to take on the role,” said Bush in a statement to the ASX.

Bortolussi had been leading company performance improvement and
cost reduction initiatives, and has been in the roles of chief financial
officer and chief operating officer since joining the textile, clothing and footwear company June 2009.

Pacific has also announced today that it plans to sell its safety and industrial workwear business to Wesfarmers for $180 million. The money
would be used to pay down the company’s debts and to simplify its overall operation,
which made a net loss of $224.5 million for the year to June 30.