The private investors that have amassed a large stake in PacSun have landed a seat on the company’s board of directors.
In a filing yesterday, PacSun said Panayotis Constantinou will replace Grace Nichols on the board. Nichols resigned this month.
Constantinou represents G12 LTD, which owns approximately 30% of PacSun stock.
He will not sit on a committee or be paid for his board service, the filing said.
A year ago this month, we reported that Jorge Constantinou and Panayotis Constantinou of Greek Investments were amassing a large share in the company.
In previous filings, Greek Investments said it was buying the stock for “investment purposes only.” Money used to acquire the stake was from personal funds or margins from securities.
The two directors listed for Greek Investments were Jorge Constantinou and Panayotis Constantinou. The two are Venezuelan citizens, according to the documents, but live at the same address in Athens, Greece.
Greek Investment’s physical address in those filings was in the Turks and Caicos Islands, and its mailing address was in Puerto Rico.
