After 15 years as company director and America’s President of the Australian based Billabong International, Ltd, Paul Naude has resigned.
In a statement released on August 4th, Billabong stated that Naude left “to pursue other opportunities.” He is credited with his help in the expansion of the surf brand giant and their acquisitions of other apparel labels and retail chains.
Naude’s resignation comes after Sycamore Partners Management, a private equity firm led by Naude, made a $299 million bid to buy Billabong International.
The bid was rejected in favor of a complicated $294 million bridge deal with a group led by Altamont Capital Partners and New York-based GSO Capital Partners. It involved the sale of Dakine and the appointment of a new chief executive of Billabong International.
