SCHOLAR TO HEAD SURF WEAR GIANT

Written on the 12 October 2012

SCHOLAR TO HEAD SURF WEAR GIANT

FORMER Rhodes scholar, Dr Ian Pollard, will replace retiring Billabong (ASX: BBG) chairman Ted Kunkel pending the outcome of a possible takeover bid now in due diligence, the company announced today.

Pollard is an actuary and a Fellow of the Australian Institute of Company Directors. He was chairman at Just Group and Corporate Express, a director of OPSM Group and founder of DCA Group. He is currently chairman of RGA Reinsurance Company and director of Milton Corporation and SCA Property Group.

Pollard comes into the role with optimism, despite the company posting its first loss this year since listing in 2001.

“While the global economic environment remains challenging, the inherent recognition and strength of Billabong’s key brands positions the company well,” he says.

Kunkel earlier this year announced his intention to retire from the Board after seven years in the role.

Pollard is scheduled to take over as chairman-elect and interim chair of the audit committee on October 24. But in making the announcement today, Billabong acknowledged the possibility of a takeover by Boston-based private equity firm TPG International.

TPG is undertaking a due diligence process to determine if it will formally table a $1.45 per share, $695 million offer to buy BBG.

A BBG statement says Kunkel will remain in his role “pending the outcome of the formal process to evaluate change of control proposals . . . and, in the event Billabong continues as a publicly listed company, to ensure a smooth Board transition process."

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


Latest News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

GOODMAN TAKES PROFIT AND REVENUE DECLINE BUT LOOKS TO CASH IN ON AMAZON'S ARRIVAL

Commercial and industrial property group Goodman (ASX: GMG) has reported underlying full year net profit has dropped ...

ARIADNE CUTS DEMANDS FOR FOUR ARDENT BOARD SEATS TO TWO AHEAD OF EGM

REBEL shareholders have reduced their demands on embattled theme parks operator Ardent Leisure (ASX: AAD) to give the...

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

Related News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter