Matthew Perrin, the 30-year-old CEO of Billabong International Limited, announced to the Australian Stock Exchange on Thursday, October 31, his resignation from the position of chief executive.
Perrin’s enthusiasm for the job was apparently eroded after the Australian media scrutinized his selling of eight-million shares of Billabong stock in August valued at 66.4-million Australian dollars.
Several institutional investment groups were openly calling for Perrin’s ouster in the days before the company’s Annual General Meeting on the Gold Coast.
“My decision to resign is due to personal reasons,” said Perrin in a release from the company. “I wish to thank all the staff and management for their efforts. Our achievements have been significant and should be a source of great pride to all involved. I particularly want to thank Gary Pemberton for his support and guidance over the past four years.”
Billabong International Limited Chairman Gary Pemberton will assume the role of Executive Chairman while the board considers a replacement for Perrin.
“I am willing to assist Gary Pemberton and the senior management during the transition to the new Chief Executive,” said Perrin.