Longtime Quiksilver Inc. executive Marty Samuels has stepped down from the Huntington Beach-based clothing maker as it deals with a downturn and restructuring.
Samuels had overseen Quiksilver’s largest unit, its Americas division covering the U.S., Canada and Latin America, since 2005.
He worked at Quiksilver for 12 years.
“Marty was instrumental to our growth,” Chief Executive Bob McKnight said in a statement.
Craig Stevenson, who’s been with Quiksilver for 16 years, was named interim president of Quiksilver Americas.
Quiksilver is tapping Stevenson as it looks to cut costs, McKnight said.
“As we work to better align our cost structure and improve the efficiency and execution of our global business, I am confident that Craig is the right person,” McKnight said.
Stevenson most recently served as global president of Quiksilver’s brand and as president of Quiksilver’s South Asia Pacific business based in Australia.
He joined Quiksilver in 1992 and has held various positions in management, sales, marketing and merchandising.
He was appointed to the board of Quiksilver Australasia in 2001 and was appointed its managing director in 2002.
The management change comes as Quiksilver works to pay down debt, boost sales and focus on its core clothing business after the November fire sale of its struggling Rossignol ski unit.
Debt from 2005’s $560 million buy of Rossignol and more recent borrowing to keep the operation going still is weighs heavy on Quiksilver, which has seen its stock fall more than 80% in the past year to a recent market value of $215 million.
Last year, Quiksilver hired Morgan Stanely to help it raise money, possibly by expanding borrowing with existing lenders or by selling shares to investors or a private equity firm.
The company, which has $1 billion in short- and long-term debt as of Oct. 31, is working with its banks to amend its loan terms to help pay off debt while it weathers the deteriorating economy.
