Quiksilver Inc. said Chief Executive Andy Mooney will take over as chairman of its board directors after Executive Chairman Robert McKnight Jr. and Charles S. Exon, chief legal officer and secretary of the board, retire on Oct. 31.
The board also named Pierre Agnes, 50, president of the Huntington Beach-based action sports apparel and footwear manufacturer, effective Nov. 1, the position previously held by Mooney.
Agnes, who was global head of apparel and accessories, will continue to oversee marketing, merchandising, design, development and sourcing and to manage Quiksilver’s European operations.
“I congratulate Andy and Pierre on their expanded roles,” Andrew Sweet, lead independent director of Quiksilver, said in a statement. “As a representative of Quiksilver’s largest shareholder, we are confident that the Quiksilver management team can significantly increase profitability and shareholder value.”
McKnight co-founded the company in 1976. He served as Quiksilver’s president from 1979 to 1991 and as chairman and chief executive officer until Mooney took over as chief executive in January 2013.
“I believe now is the ideal time to transition into a nonexecutive role at Quiksilver,” McKnight said in a statement. “I have absolute confidence in Andy and his entire team, and I look forward to continuing to help guide the company as a member of the board of directors. As a significant shareholder, I am fully supportive of Andy’s elevation to chairman and delighted with Pierre’s appointment as president. They are the perfect combination to lead this company into the future.”
Quiksilver’s stock rose 14% to a closing today at $1.80 and a market capitalization of $307 million. The stock value has fallen from $9 in November 2013 following the company’s dismal quarterly earnings reports.