Surf retailer Rip Curl has appointed a new head, following a change of strategy for the brand.
The company, rival to fellow surf empire Billabong, has confirmed that Michael Daly will assume the role of Rip Curl Group CEO from July 1, 2013.
The decision, by Rip Curl’s board of directors will see Brian Singer, who has been acting as Interim Group CEO, step down from this position on June 30, 2013 to make way for Daly.
Following the switch, Singer will resume his role as founder director on our board.
Daly has been with Rip Curl for 11 years, most recently as group CFO and then group COO.
The appointment follows a change in strategy for the brand, after Singer and fellow founder Doug Warbrick backed away from plans to sell the company for $400 million, citing the volatile state of the market.
As previously reported on ragtrader.com.au, Rip Curl began received a number of unsolicited approaches from several international organisations interested in investing in the company late last year.
As a result, the company joined forces with Merrill Lynch to assist Rip Curl in assessing the merits of introducing a third-party investor to the group, in addition to exploring the opportunities available.