Billabong names Peter Myers as group CFO
Billabong International will implement new organisation and reporting structure
Surfersvillage Global Surf News, 11 January, 2013 : - - Billabong has appointed Peter Myers as group chief financial officer. Myers was previously CFO of APN News & Media as well as CFO of Network Ten. Former Billabong CFO Craig White, who had been in the role since November 2004, left the company just days before Christmas.
At the time of White’s departure JP Morgan analysts issued a note saying the timing was negative and finding a replacement could be difficult given the challenges faced by company. But Billabong has either succeeded in making a solid appointment quickly, or already had a succession plan in place.
Billabong has announced it will implement a new organisation and reporting structure as part of its transformation strategy shortly. Billabong says: "He has extensive experience working on a number of high profile successful and complex transactions including IPOs, takeovers, refinancing and acquisitions”.
Myers has strong credentials and is unlikely to have come cheap. In 2007 he was one of the first crop of Australian CFOs to earn more than $1 million per annum. When APN announced he was leaving the company in August the share price plunged 27 per cent. APN CEO Brett Chenoweth said it was an “overreaction” and reflected a “blood-in-the-water” mentality on the part of the market when it came to traditional media stocks.
Author: Sally Rose
Tags: Billabong, Peter Myers, Business Updates