Pacific Sunwear in Anaheim Loses CEO to the Limited

Pacific Sunwear of California Inc. announced Tuesday that Michael W. Rayden, president and chief executive officer, will leave the company in six to eight weeks to join the Limited Inc. of Columbus, Ohio. Anaheim-based Pacific Sunwear said it has hired an executive search firm to find a replacement for Rayden, who has been with the company six years.

Jonathan Baskin, director of communications for the Limited, would not say what position Rayden will hold with that company. Rayden could not be reached for comment.

Pacific Sunwear, a mall-based specialty store selling young men’s casual clothing, accessories and footwear, opened 55 new stores in 1995, and the company said it plans to open another 25 this year. Sales for the 11 months ended Dec. 31 were $107 million, an increase of 31% over sales of $81.9 million for the same period in 1994. But same-store sales decreased 2%.

The Limited Inc. operates 4,033 specialty stores throughout the nation, including Express, Henri Bendel, Structure and Abercrombie & Fitch. The company also owns about 83% of Intimate Brands Inc., which operates 1,291 specialty stores, including Victoria’s Secret and Bath & Body Works.