Beleaguered surfwear giant Billabong has begun making changes to its management structure as it plods on to comply with its freshly-inked loan agreements.
The company has confirmed that CEO Launa Inman has stepped down from her role as CEO with Peter Myers appointed as acting CEO, following a string of takeover proposals and a loan agreement entered into last month.
Paul Naude, Billabong president of the Americas region, has also resigned from his positions as a director and employee of the company to pursue other opportunities. Naude most recently served as president Americas after a 15 year career with the company.
The executive upheaval follows a number of changes to recently hit the company.
As previously reported on ragtrader.com.au, on July 16 2013, Billabong announced that it had entered into commitment letters with the Altamont Consortium and GE Capital to provide a long term financing package for Billabong.
As part of that announcement, and as a condition precedent to the significant investment by the Altamont Consortium, the board of Billabong also confirmed the intention to ex-Oakley executive Scott Olivet as chief executive officer and managing director of Billabong.
As a result, incumbent CEO Inman would step down from her role as chief executive officer and as a director of the company.
The company has now confirmed that, consistent with the July 16 announcement, Inman has now stepped down as chief executive officer and as a director of Billabong, to make way for a new head.
Billabong has also disclosed that discussions with Olivet regarding his appointment as CEO are continuing but have not been finalised due to the pending outcome of the Takeovers Panel’s deliberations.
The deliberations could take up to a week or more, according to the company.
In the interim Olivet will act as a consultant while Myers steps in as acting CEO.