Billabong chief executive Laura Imman has told Fairfax she knew she would loose her job if she brokered the deal with private equity outfit Altamont Capital Partners.
“For six months, I’ve known that if we were able to get this deal across the line, I would be moving on,” Inman said.
“Altamont had always made it clear that if they did a deal with us … that they wanted to put Scott [Olivet], who they’ve had a very good relationship with for over 20 years, in as the CEO.
“I’m sad in the sense that I’ve fallen in love with Billabong, but it’s the right thing for the company, and that was my most important thing. My most important job was to make sure that this company had a future as a going concern and we’ve achieved that.”
Scott Olivet will become CEO and managing director. He’s a clothing industry veteran whose previous roles include CEO of Oakley, VP at Nike, and senior VP at Gap, Inc.
He’s worked across a range of lifestyle clothing brands and is a director at headphones company Skullcandy.
Billabong will sell off Dakine, the extreme sports accessories brand, and Altamont will have two directors on the board as part of the deal. Altamont recruited Olivet earlier this year as it mounted a campaign to buy Billabong.
Read more here.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.