AUSTRALIA: Billabong CFO White resigns
White will be replaced on an interim basis by Peter Bryant, the CFO of the company's Americas business
Craig White, chief financial officer of Billabong, has resigned from the Australian surfwear brand as it mulls a AUD524m (US$549.8m) takeover bid.
White, who has been at Billabong for seven years, will be replaced on an interim basis by Peter Bryant, the CFO of the company's Americas business. An international search is underway for a permanent replacement.
The resignation comes a day after Billabong saw its shares fall 13.3% after it issued another profit warning.
The Gold Coast-based company lowered its full-year forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) to range from AUD85-92m in constant currency terms. This compares to earlier guidance of AUD100-110m, up on the AUD84m Billabong booked in 2012.
The surfwear brand said it will shortly implement a new organisational and reporting structure as part of its reorganisation plan.
Billabong is also considering a AUD524m buyout bid from board director Paul Naude, the former head of Billabong's Americas business, who is teaming up with New York-based private equity firm Sycamore Partners.
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