Quiksilver shakes up executive leadership
March 31, 2015 05:05 PM
Amid declining sales, outdoor apparel and accessories seller Quiksilver Inc. is making changes at the top.
Andy Mooney is out as CEO. Mooney had been president of Quiksilver, No. 658 in the Internet Retailer 2014 Second 500 Guide, since January 2013.
Quiksilver veteran Pierre Agnes, who has been with the company for 27 years and was named president in November, will take over as CEO. Agnes has held a number of leadership positions within the company: global head of apparel, president of Quiksilver Europe and managing director of Quiksilver Europe.
“On behalf of the board, I want to thank Andy Mooney for his leadership in driving the organizational changes that were essential to restoring our product design leadership and globalizing many of our key functions,” Quiksilver Bob McKnight said in a statement. “The board has great confidence in Pierre’s ability and skills to lead our company. His primary focus will be on improving operational execution and efficiencies, and identifying growth opportunities, especially in the U.S. wholesale channel.”
Quiksilver also promoted Thomas Chambolle to CFO, replacing Richard Shields, who resigned. Chambolle had been CFO of Quiksilver’s EMEA region.
The moves come on the heels of disappointing results in fiscal 2014 that bled into the first quarter of fiscal 2015. Net revenues fell 13.3% in fiscal 2014 to $1.570 billion from $1.811 billion the year before, while e-commerce grew 11.6% year over year, with the web accounting for $77 million in sales in fiscal 2014 compared with $69 million the year before.
Quiksilver’s Q1 2015 earnings filing showed a 13.7% year-over-year decline in net revenues, falling to $340.9 million from $394.9 million during the same period last year. E-commerce again proved to be a bright spot during the quarter with sales of $27 million, up 17.4% from $23 million during the same period last year.