Pierre Agnes, who has climbed the executive ladder at Quiksilver in Europe and then globally for the last 27 years, became the company's chief executive last week. The Frenchman replaces Andy Mooney, who has left the company after just over two years that were marked by wide-ranging restructuring measures.
While the company did not provide any reason for Mooney's sudden departure, it was announced less than two weeks after the group outlined a mixed performance for the opening quarter of its fiscal year and adjusted its forecast for the full year. It also came amid repeated calls by some shareholders for the company to be sold.
Agnes has served as president of Quiksilver Europe from 2005. He then became global head of apparel for the Quiksilver, Roxy and DC brands, and president of the entire group last November. As part of the latest changes, Agnes has obtained a seat on the board of directors and he will continue to be based in France.
Another Frenchman, Thomas Chambolle, is to become chief financial officer at the Quiksilver group this week. The current chief financial officer of Quiksilver in Europe, the Middle East and Africa (EMEA) succeeds Richard Shields, who has resigned but agreed to serve as a consultant to the company and to support Chambolle. The Frenchman joined the Quiksilver group in 2013 from Ricol Lasteyrie, a financial advisory consulting firm, where he was a managing director. He previously worked at Peugeot Citroën and with French government agencies supporting companies impacted by the global credit crisis.
Apart from his appointment as CEO, Mooney became the Quiksilver group's chairman last November. This job was taken over last week by Bob McKnight, one of the company's co-founders.
The reshuffle further led to the appointment of Greg Healy, the group's president in Asia-Pacific, as president of Quiksilver. Healy has been with the company since 1998, taking over after four years the dual job of chief financial officer and chief operating officer of Quiksilver's Asia-Pacific region. Healy is to be based in Huntingdon Beach, California.
The changes may not be entirely unrelated to pressure from some shareholders. It has been reported that Ryan Drexler, who holds about two million Quiksilver shares through Consac, a company he co-owns, has again urged the executive board to investigate a potential sale of the company. He reportedly issued the same request four months ago, and complained in his latest letter to Mooney that no action has been taken by the board to explore a sale.
The management change actually led to a decline of more than 15 percent in Quiksilver's share price on the day. The value of the shares has shrunk by more than 68 percent in the last two years.
