Billabong’s Naude Resigns; Olivet’s CEO Position Still Being Finalized

According to Billabong’s Investor Relations page, some management changes at the company are taking place today. After 15 years as President Americas and most recently as a director and employee of the company, Paul Naude has resigned his position to pursue other opportunities. The company also announced that Scott Olivet, who was recently announced as new CEO as part of the refinancing agreement, is still awaiting being appointed to his position by the Takeovers Panel under new owner Altamont Consortium. Here’s the full press release.

GOLD COAST, 5 August, 2013: On 16 July 2013, Billabong International Limited ("Billabong" or the "Company") 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, as a condition precedent to the significant investment by the Altamont Consortium, the Board of Billabong announced that it intended to appoint Scott Olivet as Chief Executive Officer and Managing Director of Billabong. It was also announced that Launa Inman would step down from her role as Chief Executive Officer and as a director of the Company.

The Company today announces that consistent with the 16 July announcement, Launa Inman stepped down as Chief Executive Officer and as a director of Billabong effective at the close of business on Friday, 2 August.

Discussions with Scott Olivet regarding his appointment as CEO are continuing but have not been finalised as we await the outcome of the Takeovers Panel's deliberations. This may take a week or more. In the interim Scott will act as a consultant and Peter Myers will be acting CEO.

Billabong also announces that Paul Naude has resigned from his positions as a director and employee of the company to pursue other opportunities. Paul most recently served as President Americas after a 15 year career with the Company.