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Billabong's US head attempts management buyout

Billabong's US head attempts management buyout

Billabong has announced that its US head is temporarily stepping away from his position in an attempt to try and take control of the surf retailer.

Paul Naude, a director of Billabong and president of its operations in the United States, advised the board that he would be holding talks with possible financiers ahead of a possible leveraged buyout of the company.

Billabong said Naude was acting independently and his decision was not solicited by its board, or by an agreement with a board member or a senior member of the management team.

"Mr Naude has advised that he is seeking to hold discussions with potential financiers, both debt and equity, to gain their support for a potential change-of-control transaction of Billabong," the company said in a statement.