Local Billabong Exec Named Interim Global CFOThursday, December 20, 2012
The chief financial officer for the Irvine-based Americas division of Billabong International Ltd. has been named to the same post for the entire company.
Peter Bryant took on the temporary duties following the company’s announcement that Chief Financial Officer Craig White left Australia-based Billabong International late Wednesday.
White had been with Billabong International for seven years. The company gave no reason for his departure.
The new duties for Bryant are on top of temporary responsibilities he took on last month, handling the Americas general and wholesale businesses, while Americas President Paul Naude stepped down for six weeks to explore a possible purchase of the company.
Billabong International earlier this week confirmed that it has received a buyout offer from Naude, who is also based in the Irvine headquarters of Billabong USA.
The Naude-led consortium, which includes New York private equity firm Sycamore Partners, is offering $550.8 million, or $1.15 per share, and is now conducting due diligence.
The offer is lower than the $713.7 million Texas-based TPG Capital and a second bidder, rumored to be Boston-based private equity firm Bain Capital LLC, proposed a few months ago. TPG had also made offers of $825.3 million and $909.2 million earlier in the year.