Online surfwear retailer Surfstitch has announced a series of strategic changes in order to stabilise its business.
The company has announced its chairman Howard McDonald will retail next month.
Sam Weiss, who joined the board as non-executive director this month, will succeed McDonald.
He will also chair the company's Remuneration and Nomination Committee and become a member of the Audit, Risk and Compliance Committee.
McDonald said Weiss brought significant capability to the company as it goes through the process of restructuring and rebuilding.
"The last four months since the surprise departure of the former CEO have been highly challenging for management.
"However, the appointment of CEO Mike Sonand in May is already having a very positive impact on the business and our leadership team, which can now focus on rebuilding what is fundamentally a great business.
"Sam Weiss has an extensive track record in technology, online retailing and digital marketing across global markets, as well as in corporate restructurings.
"The Board and management team are firmly aligned in their focus on restoring shareholder value.”
SurfStitch has also announced the appointment of Mike Sonand to the Board as managing director, effective today.
Sonand said his first priority as CEO is to stabilise the business, then to focus on the key revenue drivers that will take SurfStitch on a path of profitable growth in FY17.
“Since my appointment on 9th June, the executive team has prepared a stabilisation plan and we are in the process of implementing that plan, which includes the restructure of our North American operation, SWELL."
"The company’s second priority is to undertake a full strategic review of SurfStitch's assets, business units and other investments.
"Once completed, this will provide a roadmap for management to fulfil
the strategic vision of the company to become the leading global online platform for surf and related businesses."