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Billabong International Ltd New CEO Waiting In The Wings-AAP

Monday, 5 Aug 2013 01:13am EDT 

Australian Associated Press reported that the incoming Chief Executive of retailer Billabong International Ltd is waiting for a challenge of the Company's recent refinancing deal to be resolved before he officially takes the top job. Billabong's former chief executive Launa Inman left the Company at the end of last week, in line with arrangements agreed to under a financial deal with private equity firm Altamont. But the appointment of her successor Scott Olivet, the former boss of Oakley, has not been finalised as the Company waits on the outcome of a Takeovers Panel deliberation. Two US hedge funds seeking to strike their own deal with Billabong want the panel to delay the Altamont agreement, claiming parts of the deal are anti-competitive and coercive. Billabong expects deliberations by the Takeovers Panel will take a week or more. Chief financial officer Peter Myers will serve as acting Chief Executive in the interim. 

Company Quote

0.0050 +0.94%
31 Jul 2014