PacSun’s CEO Sally Frame Kasaks has won 24/7 Wall Street’s Overpaid CEO of the Day award for August 22, 2008 thanks to her total compensation last year of $3.2 million and the fact that the PacSun stock is off over 60 percent during the last year.
After posted flat revenue of $312 million for the last quarter, and operating income of only $3.7 million, Pacific Sunwear’s shares fell 31% today to just above $5. . . . Four firms downgraded PSUN today: Robert W. Baird, Friedman Billings, Roth Capital and BB&T Capital. The most significant cause of the ratings revisions was that the company dropped guidance for the third and fourth quarters.
Yet, as they point out: Kasaks salary remained the same.
[Link: 24/7 Wall St.]
