February 9, 2012

Billabong CEO Might Be On The Way Out

The Sydney Morning Herald is reporting rumors that the Billabong CEO could be in a bit of trouble… They are quoting sources close to the company who say that Mr. O’Neill’s troubles stem from “declining sales and rising debt.” Which of course is a completely unique situation that no one else in business is facing at the moment (read with sarcastic tone). The company is denying the rumors at this stage. He has been with the company for over 20 years and implemented the current strategy which has shifted the company heavily into the retail space – something that could prove very successful if the economy is given time to drag itself out of the toilet and when the Australian dollar settles back to a reasonable level. For more, hit the article here.

(Hat tip to Boardistan)

by POP Magazine