Billabong announced today it has replaced CEO Derek O’Neill with Launa Inman, a former Target executive, who has been appointed as the company’s new managing director, according to the Billabong investor relations page. Inman was hired by Billabong in February as a consultant to review its retail strategy, and will start in her new position on May 14. O’Neill departed Billabong today after 20 years at the company, according to a story posted on The Australian:
Chairman Ted Kunkel said that the board had decided that the company “required new leadership and skill sets for the next stage of its development”.
Ms Inman’s appointment “recognises the tremendous importance retail has assumed in our business”, Mr Kunkel said.
Ms Inman said that the company needed to continue to drive its turnaround strategy, with the first priority being to get greater value from its retail network and to strengthen its supply chain.
In February Billabong rejected a $841.8 million bid from TGP, the US private equity group. Billabong said that the bid undervalued the company.
Prior to working at Target, Ms Inman was managing director of Officeworks.
Billabong also today announced that Paul Naude, its head of North America, would take on expanded role as president of the Americas, with new responsibility for the South American region.
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