President Thomas Kennedy has resigned.

Pacific Sunwear of California announced this afternoon that PacSun division President Thomas Kennedy has resigned. He won't be replaced.

I expect we will see more resignations and departures from retailers and brands in coming months.

Here's a little about Tom's background from the company's 2007 annual report that I pulled from the SEC website. His total compensation in 2007 was $1.5 million including stock awards and bonus.

"Thomas M. Kennedy joined the Company in May 2004 as Division President of PacSun. In this position, he has responsibility for all merchandising, design, marketing and store operations of the PacSun concept. Mr. Kennedy has more than 20 years of experience in the retail and apparel industries. Prior to joining the Company, he served Nike, Inc. as Vice President of Global Lifestyle Apparel. Prior to that, Mr. Kennedy served in various merchandising positions in roles of increased responsibility, including Buyer, Merchandise Manager, Divisional Merchandise Manager, and Vice President of Men's Apparel, at The Gap, Inc. within both Gap and Old Navy."