Billabong International Ltd.’s Chief Financial Officer Craig White left Australia’s largest surf-wear maker as the board considers a A$527 million ($553 million) takeover offer.
White, who’s served in the job since 2005, left the company today with the CFO of its Americas unit Peter Bryant to act in the role while the company searches for a replacement, Gold Coast, Australia-based Billabong said in a regulatory statement today. The company didn’t provide a reason for the departure.
Billabong shares have fallen 18 percent over the past two days amid investor concerns that a A$1.10 a share takeover bid from Sycamore Partners LLC and Paul Naude, the head of the company’s Americas division, may be cut or fail. The company has replaced its chief executive officer and chairman and seen three board members step down over the past year as it racked up its first annual loss since it first sold shares to the public in
“Billabong will shortly implement a new organizational and reporting structure,” the company said in a regulatory statement.