Leading surf wear label Billabong International Ltd was remaining tight-lipped on Wednesday over market speculation chief executive Matthew Perrin is poised to quit the company.

The firm, famous for its colourful surf shorts and tops, declined to comment on the rumours which had earlier triggered a slide in the company’s share price. Billabong holds its annual general meeting on Friday.

In late August, Mr Perrin sold 60 per cent of his Billabong stake for $A66.4 million just days after the famous label announced a 42 per cent jump in full-year net profit to US$33.1 million from the year-ago period.