AUSTRALIA: Billabong names Myers as CFO
Australian surfwear brand Billabong has appointed Peter Myers as group chief financial officer, replacing Craig White who resigned last month.
The company said Myers has extensive experience working on a number of successful and complex transactions including IPOs, takeovers, refinancing and acquisitions.
He has also held various senior executive positions at media group APN News & Media and Network Ten.
"Peter has over 30 years experience and insight at both a corporate and an operational level," said Billabong CEO Launa Inman. "He understands the company's current position, has a deep understanding of working with a wider team in implementing transformational strategies and will make a valuable contribution."
The appointment comes after Billabong opened its books to a consortium comprising 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.
They made an AUD524m (US$549.8m) takeover bid for the company at the end of last year.
Last month, the struggling brand lowered its full-year forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) to between AUD85m and AUD$92m.
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