Surfwear giant Billabong has appointed former Target executive Launa Inman as its new managing director and chief executive officer, as the company looks to reboot its brands.
Inman, who previously spent almost seven years as managing director of discount department store Target, accepted a consultancy position with Billabong in February and will now start her new role with the retailer on May 14.
Inman, will be paid an initial total fixed remuneration of $1.3 million per annum, replaces current chief executive Derek O'Neil, who will depart the company today.
Billabong chairman Ted Kunkel said Inman's skills and depth of experience in retail, supply chain management, finance, strategic planning, and brand marketing would be crucial to the company's future growth.
“Launa's appointment recognises the tremendous importance retail has assumed in our business,” he said.
Inman, who will also relocate from her home in Melbourne, Victoria to Queensland to take up the role, said she is looking forward to the new challenges the position represents.
“We need to continue to drive our turnaround strategy, moving to a fully integrated operating model powered by the strength of our brands,” she said.
“The first priorities of the turnaround strategy will be to extract greater value from our retail network, and strengthening supply chain management. This will provide the opportunity for Billabong's family of brands to meet their full potential.”
Billabong, which recently rejected a takeover a multi-million dollar takeover bid from US investment group TGP, also recently appointed Paul Naude, currently head of North America, to the expanded role of president of the Americas, as it prepares for further growth.
In an official statement to market earlier today, Kunkel said the board had decided that the company required new leadership and skill sets for the next stage of its development.