Pacific Brands announced that Sue Morphet, the company's chief executive, will step down at the beginning of September after five years with the Australian company. She will be replaced by John Pollaers, former chief executive of Foster's. Morphet will remain with the company throughout September to help with the transition The move came as the owner of Bonds, Hard Yakka and Stubbies reported losses of 450.7 million Australian dollars (€373.1m-$467.3m) for the financial year ended last June 30, up from A$131.9 million the year before, after taking A$502.7 million in goodwill write-downs. Sales fell to A$1.3 billion (€1.08bn-$1.35bn) from $1.6 billion, partly due to the company's decision to move away from the distribution of secondary brands such as Dunlop and Slazenger. Sales of Mossimo and Stussy products increased for the year, but Diesel and Superdry were down in the second half.

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