No one expected Billabong founder Gordon Merchant would go away quietly, but it was interesting to see him sink nearly AUS$800,000 more into the company by snapping up 900,058 shares last week. This new stock, purchased in two buys on October 18 and 19, 2012, brings his total holdings to 69,705,463 shares or AUS$59,946,698.18 worth (maybe he need them to increase his voting power).
At Billabong’s Annual General Meeting today (October 24, 2012 on the Gold Coast) Merchant was re-elected to the board by a vote of 198 million for to 92 million against. Collette Paull was re-elected by a vote of 197 million for to 92 million against. The closest board re-election race was Billabong US President Paul Naude. He slipped back onto the board with 160 million for and 129 million against suggesting that more than a few shareholders are not happy with his performance on the board.
For the official word from Billabong featuring that addition of Howard Mowlem to the board and the complete Annual General Meeting voting stats, follow the jump.NEW BOARD APPOINTMENT
GOLD COAST, 24 October, 2012: Billabong International Limited today is pleased to announce the appointment of Mr. Howard Mowlem to the Board of Directors.
Howard Mowlem will be appointed as a Non-Executive Director of Billabong International Limited at a board meeting to follow the Company’s AGM today. He will also take on the chair of the Audit Committee following the retirement of Allan McDonald from the Board.
Mr. Mowlem is experienced in many segments of the international retail industry and specifically in Asia. From 2001 to 2010 he was Chief Financial Officer of Dairy Farm International Holdings Limited, a Hong Kong based retail company operating over 5,000 stores across Asia with turnover in excess of US$10 billion. Prior to this Mr. Mowlem held various senior financial positions over a 12 year period with the Coles Myer Group.
He brings extensive experience in corporate finance, mergers & acquisitions, financial reporting, treasury, tax, investor relations, audit and governance.
Billabong Chairman Ted Kunkel said Mr. Mowlem also brings experience in negotiating and integrating retail acquisitions and joint ventures, and leading a program of divestments.
“Howard brings experience as a board member of both listed and unlisted companies, including chairmanship of a number of Audit Committees”.
The appointment is part of the Board succession announced at last year’s AGM
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