Billabong announced 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 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”. O'Neill started thecompany when he was 26 and it turned into a million dollar buisness in no time. Seems like a strange way to treat the guy who founded the buisness you work for but there is probably more to this story than we know right now
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.