Australia-based online retailer SurfStitch Group Ltd. named Lex Pedersen and Justin Stone co-chief executives.
“I am excited by the opportunity to take SurfStitch to the next level,” said Pedersen, who also serves as managing director and president of the group’s Irvine-based subsidiary, SWELL, while Stone manages its Surfdome work in the U.K.
Former SurfStitch Chief Executive and Managing Director Justin Cameron resigned earlier this month to pursue “a potential acquisition of the company in conjunction with private equity.”
The company said it hasn’t “received any formal or informal proposal from, nor has it had any discussions with, private equity in relation to any potential acquisition of the group and there is no certainty that any proposal or approach from any party may be forthcoming.”
SurfStitch, whose market value is about $288 million, posted a 40% increase in revenue in the first half of fiscal 2016 to $109 million. It plans to keep its corporate name but consolidate its online operations into a single website—Swell.com—by the end of the year.
