Australian surfwear brand Billabong has appointed Ian Pollard as a director and chairman elect of its board.

Pollard is an actuary, Rhodes Scholar and a fellow of the Australian Institute of Company Directors. He has held a wide range of senior business roles, including chairman of Just Jeans, and of Corporate Express Australia, as well as a director of OPSM Group and DCA Group.

Billabong highlighted Pollard's extensive background in corporate finance, strategic investment and retail. He will chair the audit committee on an interim basis, following the retirement of board member Allan McDonald on 24 October.

Private equity firm TPG is carrying out due diligence on Billabong after offering A$695m for the company in July.

Outgoing chairman Ted Kunkel announced earlier this year that he planned to retire, after seven years in the position. He will remain as chairman pending the due diligence outcome. In the event that Billabong remains publicly listed, he will stay on to ensure a smooth board transition.

"Ian will bring a strong mix of commercial and financial expertise to assist with the ongoing transformation of the Billabong business," said Kunkel.

"His understanding of the retail environment along with a strong focus on financial management and performance will serve the company and shareholder interests well".

Last week, the company emphasised that takeover talks are continuing with the private equity firm after an Australian newspaper reported that TPG Capital was considering pulling out.