Launa Inman, the former managing director of Target, has been appointed CEO of surf-wear retailer Billabong International.
Billabong chairman Ted Kunkel said Derek O’Neill, who has been managing director since 2002, would leave the company today.
Inman was appointed as a retail consultant to the Billabong board in March, after leaving Target last September and will start her role as managing director on May 14.
Kunkel said Inman was one of the leading retail CEO’s in Australia, and would bring fresh perspectives, energy and drive to the Billabong group.
“Launa’s appointment recognises the tremendous importance retail has assumed in our business,” Kunkel said in a statement to the ASX.
“Launa has proven leadership capabilities in managing and delivering results in challenging environments and uncertain times.”
Inman will be paid a signing bonus of $100,000, and earn $1.3 million a year to try to turn around the troubled surf-wear giant, with a performance clause enabling her to double her salary.