The Sydney Morning Herald is quoting “sources close” to Billabong as saying that CEO Derek O’Neill will be “removed as CEO” soon thanks to “declining sales and rising debt,” but officially the company is denying that.
Billabong last night moved to quash rumors that embattled chief executive Derek O’Neill would soon be dumped by the board, amid growing concern among major investors about the surf wear company’s performance. . . Billabong chairman Ted Kunkel said last night: ”I categorically deny the suggestion.”
We’re going out on a limb to say that we think the board will do whatever they think is best for the stock.
[Link: Sydney Morning Herald]
