Surfing outfitter Quiksilver Inc.’s (ZQK: Quote) co-founder Robert McKnight Jr. would step down as chief executive, to be succeeded by former Walt Disney Co. (DIS) executive Andy Mooney, the Wall Street Journal reported.
59-year-old McKnight, who assumed the role in 1991, will become executive chairman. The changes are effective January 11.
The report added, quoting McKnight, that Quiksilver was looking for a successor who has experience with bigger brands, electronic commerce and global reach.
“I’ve been with the company for 35 years, and it’s the only job I’ve ever had,” McKnight was quoted as saying. “It’s time to really take this to a bigger and better place.”
Mooney, 57, served as Disney’s chairman of consumer products. He packaged together characters from the company’s movies under the Disney Princess brand. Prior to that, Mooney spent 20 years at sports goods giant Nike Inc. (NKE).
Quiksilver, founded in 1976, started off selling specially designed swimsuits for surfers. It has expanded to 90 countries under several brands like Roxy, DC and Hawk. The company has 600 retail stores.
The company’s revenue rose 3.1 percent in the year ended October 31, 2012 to $2 billion and loss narrowed to $10.8 million from $21.3 million, despite a soft economy and higher raw materials costs.
The stock added 3.1 percent on Wednesday to close at $4.38.
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by RTT Staff Writer
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