Billabong (ASX: BBG) is switching up management to make good on its loan agreements, according to a press release issued Monday. Following its announcement two weeks ago that it had entered into long-term financing agreements with Altamont Consortium and GE Capital, Billabong has begun making changes.
CEO Laura Inman spent her last day as leader on Friday, 2 August. In an interview with the Sydney Morning Herald, Inman reflected, "My most important job was to make sure that this company had a future as a going concern and we've achieved that." Director Paul Nede also resigned to "pursue other opportunities," according to the release.
As part of Altamont's requirement for its financing, Billabong is bringing in former Oakley CEO Scott Olivet to take up the reins as CEO and Managing Director. The final approval and details of the appointment are currently being parsed out by the Takeover Panel, which "may take a week or more," according to Billabong. In the meantime, CFO Peter Meyers is serving as acting CEO while Scott Olivet takes on a consulting role.
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Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.
