Execs clear out of Billabong

THERE has been a raft of departures from the board and executive ranks at Burleigh Heads-based Billabong International in the wake of Quiksilver owner Boardriders yesterday completing its takeover of the surfwear company.

Those departing include Neil Fiske, brought in by US private equity groups in 2013 to revive Billabong’s flagging fortunes, chairman Ian Pollard, founder Gordon Merchant, and fellow directors Kim Anderson, Howard Mowlem and Elliot Weinstein.

General counsel and com- pany secretary Tracey Wood has also resigned to fill the same role at G8 Education.

She replaces Sarah Zeljko, who has left G8 to pursue a career as a professional nonexecutive director.

Boardriders said all the above resignations were effective immediately.

Chief finance officer Jim Howell, chief human resources officer Mara Pagotto, Asia-Pacific leader Paul Burdekin, and financial consultant Peter Myers are others who will leave.

Billabong shareholders voted on March 8 to accept a $1.05 a share offer from California-based Boardriders, which is majority owned by US group Oaktree Capital.

Greg Healy, a former captain of the Melbourne AFL club and president of Boardriders, is to lead the Asia Pacific arm of the enlarged business.

Mr Healy will sit on Billabong’s new board alongside former Gold Coaster Shannan North, who also will serve as Billabong’s global president of retail strategy.

Boardriders yesterday said it will apply to have Billabong delisted by the close of trade tomorrow. Billabong ceased trading earlier this month when its market capitalisation was listed at $206.99 million.