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PacSun’s CEO training program…

Yesterday, Pacific Sunwear (PSUN) announced that it had hired Gary Schoenfeld, the CEO of Vans Inc. and that Sally Frame Kasaks would be stepping down at the end of the month.

But the outgoing CEO will continue to collect her regular pay check from PacSun through Jan. 31, 2010 according to the agreement attached to yesterday’s 8-K. It’s not clear from the filing exactly what transition services Frame Kasaks will be providing in order to collect her $1.12 million salary, nor how many hours she’ll be expected to work. Earlier this year, a group of investors advocated for Frame Kasaks’ resignation. During her tenure, PacSun’s stock dropped sharply.

Given that Schoenfeld’s salary will only be $1.05 million according to his agreement, you have a situation where the former CEO is actually making more than the current one, yet has no specific responsibilities, other than to continue serving on the board of directors. And, judging by Schoenfeld’s background in retail, it doesn’t seem as if he needs someone to play babysitter.

Indeed, the whole thing reminds us of a similar situation that we footnoted several years ago at Con-Agra. Of course, that agreement, which pays former Bruce Rohde $50K a month, is still in place and valid for another year. PacSun’s agreement with Frame Kasaks only lasts six months.