UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2015
Quiksilver, Inc.
(Exact
name of registrant as specified in its charter)
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| Delaware |
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001-14229 |
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33-0199426 |
| (State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification Number) |
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| 15202 Graham Street, Huntington Beach, CA |
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92649 |
| (Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (714) 889-2200
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 26, 2015, the board of directors (the “Board”) of Quiksilver, Inc. (the “Company”), removed Andy Mooney as
the Company’s Chairman and Chief Executive Officer, effective March 27, 2015. The Company expects to enter into an agreement with Mr. Mooney prior to the end of its second fiscal quarter regarding his departure from the Company. Also
on March 26, 2015, Richard Shields, the Company’s Chief Financial Officer, resigned from that position, effective April 3, 2015, to pursue other opportunities.
Also on March 26, 2015, the Board appointed Pierre Agnes to the position of Chief Executive Officer of the Company, effective
March 27, 2015. Mr. Agnes, 50, has previously served as the Company’s President since October 2014, Global Head of Apparel since March 2013 and President of Quiksilver Europe since June 2005. Prior to that he served as Managing
Director of Quiksilver Europe since December 2003. Between 1992 and 2002, Mr. Agnes founded and operated Omareef Europe, a licensee of the Company for wetsuits and eyewear that the Company purchased in November 2002. Mr. Agnes originally
joined the Company in 1988, first as team manager, and later in various capacities throughout the Company’s European marketing operations. For a description of Mr. Agnes’ current employment agreement, see the Company’s Current
Report on Form 8-K, filed with the Securities and Exchange Commission on October 4, 2013. The Company expects to enter into certain amendments to Mr. Agnes’ compensation prior to the end of its second fiscal quarter in connection with
his promotion.
Also on March 26, 2015, the Board appointed Greg Healy to the position of President of the Company, effective
March 27, 2015. Mr. Healy, 49, has served as President of the Company’s Asia Pacific region since March 2010. Prior to that, Mr. Healy held several management positions within the Company’s Asia Pacific region including CEO
of Australasia from January 2009 to March 2010 and the dual roles Chief Operating Officer and Chief Financial Officer of Asia Pacific from 2002 to January 2009. Mr. Healy joined the Company in 1998 as controller for Australasia. He is a
Certified Public Accountant and received his bachelor degree in business from Monash University in Melbourne, Australia.
Pursuant to the
terms of Mr. Healy’s existing employment agreement with Ug Manufacturing Co. Pty Ltd., the Company’s Australian operating subsidiary, dated February 1, 2012 (the “Healy Agreement”), Mr. Healy currently receives an
annual base salary of AUD $400,000 (approximately $316,000 at an assumed exchange rate of 0.79 dollars per Australian dollar), which may be adjusted on an annual basis (but not below AUD $350,000). The Healy Agreement also provides that
Mr. Healy will be paid superannuation contributions at the minimum rate required to avoid liability under Australian law, and that Mr. Healy is eligible to receive an annual discretionary bonus on terms approved by the compensation
committee of the Board. The Healy Agreement may be terminated by the Company or Mr. Healy for any reason, subject to the payment of certain amounts as set forth below.
The Healy Agreement requires the Company to maintain a AUD $2,000,000 (approximately $1,580,000 at an assumed exchange rate of 0.79 dollars
per Australian dollar) term life insurance policy on the life of Mr. Healy, payable to his designee; provided, however, that the Company is not required to pay annual premiums for the policy in excess of AUD $5,000 (approximately $3,950 at an
assumed exchange rate of 0.79 dollars per Australian dollar).
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The Healy Agreement also provides that Mr. Healy will continue to be a participant in the Company’s 2013 Performance Incentive Plan, or any successor equity plan, on terms established
by the Board. The Healy Agreement further provides that Mr. Healy will be covered by a senior manager income protection plan in the event of illness or injury on the same terms and conditions applicable to comparable employees in Australia.
Mr. Healy will also receive an AUD $15,000 (approximately $11,850 at an assumed exchange rate of 0.79 dollars per Australian dollar) annual clothing allowance to purchase Company products at wholesale prices, and a vehicle allowance for the
business-related operating costs of one vehicle.
If the Company terminates Mr. Healy’s employment without “Cause” (as
defined in the Healy Agreement), if Mr. Healy’s employment agreement terminates on October 31, 2016 and his employment terminates effective the same date, or if Mr. Healy terminates his employment for “Good Reason” (as
defined in the Healy Agreement) within six months of the event constituting Good Reason, the Healy Agreement provides that the Company will pay Mr. Healy: (1) his base salary and superannuation contributions for a period of eighteen
months, (2) any amounts required by Australian law (including, as applicable, pay in lieu of notice of termination, redundancy pay, pay in lieu of long service leave and pay in lieu of untaken annual leave), (3) a pro rata portion of the
annual bonus earned, if any, for the fiscal year in which the termination occurs, and (4) the full amount of any unpaid annual bonus earned from the preceding fiscal year. In order to receive the payments specified above, other than those
earned prior to termination, Mr. Healy is required to sign a release of claims.
The Healy Agreement requires that if the Company
grants stock options to Mr. Healy after the date of the Healy Agreement, the options must provide that if he is terminated by the Company without Cause, as a result of his death or disability or by him for Good Reason, all of the options will
automatically vest in full on an accelerated basis and remain exercisable until the earlier to occur of (1) the first anniversary of the termination, (2) the end of the option term, or (3) termination pursuant to other provisions of
the option plan or option agreement, such as a corporate transaction.
The foregoing description of the Healy Agreement is qualified in
its entirety by the full text of the Healy Agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
The Company expects to enter into certain amendments to the Healy Agreement prior to the end of its second fiscal quarter in connection with
Mr. Healy’s promotion.
Also on March 26, 2015, the Board appointed Thomas Chambolle to the position of Chief Financial
Officer of the Company, effective April 3, 2015. Mr. Chambolle joined the Company as its Europe, Middle East and Africa regional Chief Financial Officer in 2013. Previously, Mr. Chambolle was a Managing Partner at Ricol Lasteyrie, a
financial advisory consulting firm in France, since 2010. Prior to that, he worked with French government agencies supporting businesses impacted by the global credit crisis, and previously worked as Chief Financial Officer of the spare parts
division of Peugeot Citroen, a French car manufacturer.
The Company expects to enter into an executive employment agreement with
Mr. Chambolle prior to the end of its second fiscal quarter in connection with his promotion.
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In connection with his departure from the Company, Mr. Mooney resigned from the Board,
effective March 27, 2015. As a result of the vacancy on the Board created by Mr. Mooney’s departure, on March 26, 2015, the Board appointed Mr. Agnes as a member of the Board and appointed Robert B. McKnight Jr., the
Company’s co-founder and a current director, as Chairman of the Board, effective March 27, 2015.
A copy of the March 27,
2015 press release relating to the foregoing events is filed herewith as Exhibit 99.1 and incorporated by reference herein.
For a
description of certain office space leases between one of the Company’s European subsidiaries and an entity owned by Mr. Agnes and his wife, see page 49 of the Company’s definitive proxy statement for its 2015 annual meeting of
stockholders, filed with the Securities and Exchange Commission on February 5, 2015, under the heading “Related Party Transactions.”
| Item 9.01 |
Financial Statements and Exhibits |
The following exhibits are being filed herewith:
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| Exhibit
No. |
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Exhibit Title or Description |
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| 10.1 |
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Employment Agreement between Greg Healy and Ug Manufacturing Pty. Ltd., dated February 1, 2012 |
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| 99.1 |
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Press Release of Quiksilver, Inc. dated March 27, 2015 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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| Dated: April 1, 2015 |
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Quiksilver, Inc.
(Registrant) |
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By: |
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/s/ Richard Shields |
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Richard Shields |
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Chief Financial Officer |
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Index to Exhibits
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| Exhibit
No. |
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Exhibit Title or Description |
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| 10.1 |
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Employment Agreement between Greg Healy and Ug Manufacturing Pty. Ltd., dated February 1, 2012 |
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| 99.1 |
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Press Release of Quiksilver, Inc. dated March 27, 2015 |
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Exhibit 10.1
February 1, 2012
PERSONAL AND CONFIDENTIAL
Mr. Greg Healy
President
Quiksilver Asia Pacific
Quiksilver Drive
Torquay, VIC 3228
Australia
Dear Greg:
This letter (“Agreement”) will confirm our understanding and agreement regarding your employment with Ug Manufacturing Co. Pty Ltd
(ACN 005 047 941) (“Quiksilver” or the “Company”), effective on and after February 1, 2012 (“Commencement Date”). This Agreement completely supersedes and replaces any existing or previous oral or written
employment agreements, express or implied, between you and the Company and any related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) of the Company (“Group Companies”).
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1. |
Position; Exclusivity. The Company hereby agrees to employ you as President, Quiksilver Asia Pacific, reporting to the Chief Executive Officer of Quiksilver, Inc., and resident in Australia. During your
employment with Quiksilver, you will devote your full professional and business time, interest, abilities and energies to the Company and, as applicable, the Group Companies and will not render any services to any other person or entity, whether for
compensation or otherwise, or engage in any business activities competitive with or adverse to the business or welfare of the Company and/or the Group Companies, whether alone, as an employee; as a partner; as a member or manager; as a shareholder,
officer or director of any other corporation; or as a trustee, fiduciary or in any other similar representative capacity of any other entity without the prior written consent of the Chief Executive Officer of Quiksilver, Inc. |
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2. |
Base Salary. Your base salary will be AUD $29,166.67 per month (AUD $350,000 on an annualized basis), less applicable withholdings and deductions, paid on the Company’s regular payroll dates. Your base
salary is exclusive of the superannuation contributions described in Paragraph 3 below. Your base salary will be reviewed at the time management salaries are reviewed periodically and may be adjusted (but not below AUD $29,166.67 per month) at the
Company’s discretion in |
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light of the Company’s performance, your performance, market conditions and other factors deemed relevant by the Board of Directors or the Compensation Committee of the Board of Directors of
Quiksilver, Inc. (“Compensation Committee”). |
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3. |
Superannuation. In addition to the base salary set forth above in Paragraph 2, the Company will make superannuation contributions on your behalf at the minimum rate required so as to avoid liability to pay a
charge under the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Charge Act 1992. |
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4. |
Annual Discretionary Bonus. For each full fiscal year of employment with the Company (currently ending October 31), you shall be eligible for a discretionary bonus award pursuant to Quiksilver, Inc.’s
Incentive Compensation Plan, the specific terms and conditions of such award to be approved by the Board of Directors or the Compensation Committee at the time of the bonus award. Any payment received in connection with a bonus award shall be paid
within thirty (30) days following the date Quiksilver, Inc. publicly releases its annual audited financial statements, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded. Any
bonus payments shall be less applicable withholdings and deductions. |
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5. |
Retirement Benefits. Despite any provision of this Agreement, the Company is not required to pay or provide to you any amounts or benefits which it is not permitted to provide under the provisions of Part 2D.2,
Division 2 of the Corporations Act 2001 (Cth) without obtaining shareholder approval. To the extent that this Agreement requires the Company to pay or provide any such amounts or benefits, you agree and acknowledge that shareholder approval
must first be obtained and you hereby irrevocably consent to forego those amounts or benefits which the Company is not permitted to provide if shareholder approval is not obtained. |
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6. |
Annual Leave. Although Quiksilver does not have a vacation policy for executives of your level, you will accrue such minimal annual leave as required by the National Employment Standards (“NES”) in the
Fair Work Act 2009 (Cth). Quiksilver reserves the right, subject to legislation, to require that annual leave be taken at certain times and/or in certain circumstances. On termination of employment you will be paid in respect of any accrued
untaken annual leave. |
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7. |
Personal/Carer’s Leave. You will be entitled to ten (10) days’ paid personal/carer’s leave for each year of service in accordance with the NES. You may be required to provide evidence
satisfactory to the Company confirming the relevant illness or injury for which the period of personal/carer’s leave was taken. The Company may require you to be examined by a medical practitioner nominated by the Company to provide a report to
the Company on your current or future capacity to perform the essential functions of your position. Untaken paid personal leave accumulates from year to year, but has no separate “cash value” and is not paid out on termination of
employment. |
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8. |
Injury and Illness Income Protection Plan. You will be covered by a senior manager income protection plan in the event of illness or injury on the same terms and conditions applicable to comparable employees in
Australia. Quiksilver, Inc. and the Company reserve the right to change, modify, or eliminate such coverage in their discretion. |
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9. |
Clothing Allowance. You will be provided a clothing allowance of AUD $15,000 RRP (recommended retail price) per year at the Company’s wholesale prices. |
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10. |
Vehicle Allowance. The Company will pay (through a motor card) for the business-related operating costs of one vehicle, including service and maintenance, petrol and fringe benefits tax. |
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11. |
Stock Options. You shall be eligible to participate in the Quiksilver, Inc. Stock Incentive Plan, or any successor equity plan. The amount and terms of any restricted stock, stock options, stock appreciation
rights or other interests to be granted to you will be determined by the Board of Directors or the Compensation Committee in its discretion and covered in separate agreements, but shall be substantially similar to those granted to other senior
executives of Quiksilver, Inc. of equivalent level. Stock options granted to you after the Commencement Date through the termination of your employment shall provide that if you are terminated by the Company without Cause (as hereinafter defined),
as a result of your death or permanent disability, or if you terminate your employment for Good Reason (as hereinafter defined), any such options outstanding will automatically vest in full on an accelerated basis so that the options will
immediately prior to such termination become exercisable for all option shares and remain exercisable until the earlier to occur of (i) the first anniversary of such termination, (ii) the end of the option term, or (iii) termination
pursuant to other provisions of the applicable option plan or agreement (e.g., a corporate transaction). |
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12. |
Life Insurance. The Company will pay the premium on a term life insurance policy on your life with a company and policy of its choice, and a beneficiary of your choice, in the face amount determined by the
Company of not less than AUD $2,000,000. The Company’s obligation to obtain and maintain this insurance is contingent upon your establishing and maintaining insurability, and it is not required to pay premiums for such a policy in excess of AUD
$5,000 annually. |
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13. |
Term and Termination. |
(a) The term of this Agreement is from the Commencement Date
through and including October 31, 2016, at which time this Agreement (and your employment) shall automatically terminate without any additional notice; provided, however, that subject to the provisions herein, either you or
Quiksilver may terminate your employment at will and with
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or without Cause (as defined below) upon written notice at any time for any reason (or no
reason); provided further, however, that you agree to provide the Company with thirty (30) days advance written notice of your resignation (during which time the Company may elect, in its discretion, to relieve you of all duties
and responsibilities). This at-will aspect of your employment relationship can only be changed by an individualized written agreement signed by both you and an officer of the Company authorized to do so by the Board of Directors or the Compensation
Committee.
(b) The Company may also terminate your employment immediately, upon written notice, for Cause, which shall include, but not
be limited to, (i) your death (in which case written notice of termination of employment is not required), (ii) your permanent disability which renders you unable to perform the essential functions of your position even with reasonable
accommodation, (iii) willful misconduct in the performance of your duties, (iv) commission of a felony or violation of law involving moral turpitude or dishonesty, (v) self-dealing, (vi) willful breach of duty,
(vii) habitual neglect of duty, or (viii) a material breach by you of your obligations under this Agreement. If the Company terminates your employment for Cause, or you terminate your employment other than for Good Reason (as defined
below), you (or your estate or beneficiaries in the case of your death) shall receive your base salary and other benefits earned and accrued prior to the termination of your employment, any amounts which are due under the NES and/or other applicable
Australian law (including, as applicable, pay in lieu of notice of termination, pay in lieu of long service leave and pay in lieu of untaken annual leave) and, in the case of a termination pursuant to subparagraphs (i) or (ii) only, a pro
rata portion of your bonus, if any, as provided in Paragraph 4 for the fiscal year in which such termination occurs, less applicable withholdings and deductions, which shall be payable not later than the effective date of your termination, and you
shall have no further rights to any other compensation or benefits hereunder on or after the termination of your employment.
“Good
Reason” for you to terminate employment means a voluntary termination as a result of (i) the assignment to you of duties materially inconsistent with your position as set forth above without your consent, (ii) a material change in
your reporting level from that set forth in this Agreement without your consent, (iii) a material diminution of your authority without your consent, (iv) a material breach by the Company of its obligations under this Agreement, (v) a
failure by the Company to obtain from any successor, before the succession takes place, an agreement to assume and perform the obligations contained in this Agreement, or (vi) the Company requiring you to be based (other than temporarily) at
any office or location outside of the State of Victoria, Australia, without your consent. Notwithstanding the foregoing, Good Reason shall not exist unless you provide the Company written notice of termination on account thereof within ninety
(90) days following the initial existence of one or more of the conditions described in clauses (i) through (vi) and, if such event or condition is curable, the Company fails to cure such event or condition within thirty
(30) days of such written notice.
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(c) If (i) Quiksilver elects to terminate your employment without Cause prior to
October 31, 2016, (ii) this Agreement automatically terminates on October 31, 2016, and your employment terminates effective the same date for any reason, voluntarily or involuntarily, or (iii) if you terminate your employment
with the Company for Good Reason within six (6) months of the action constituting Good Reason, the Company will (x) pay the full amount of any unpaid discretionary bonus that was earned from the preceding fiscal year, if any, at the time
annual bonuses are paid to other executives, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded, and (y) (A) provide you with a total severance benefit of
(1) eighteen (18) months base salary plus superannuation contributions on your behalf at the minimum rate required so as to avoid liability to pay a charge under the Superannuation Guarantee (Administration) Act 1992 and the
Superannuation Guarantee Charge Act 1992, less any amounts which are due under the NES and/or other applicable Australian law (including, as applicable, pay in lieu of notice of termination, redundancy pay, pay in lieu of long service
leave and pay in lieu of untaken annual leave, but excluding superannuation contributions) (“Statutory Benefits”), and (2) the Statutory Benefits, with the Statutory Benefits being payable on or about the date of termination and the
amount in (1) to be paid on the Company’s regular payroll dates over a period of eighteen (18) months, less applicable withholdings and deductions, and (B) pay you a pro rata portion of the bonus adopted pursuant to Paragraph 4,
if any, for the fiscal year in which such termination occurs, less applicable withholdings and deductions. In order for you to be eligible to receive the payments specified in clause (y) of the foregoing provision of this Paragraph 13(c), other
than the Statutory Benefits, you must execute a general release of claims in a form reasonably acceptable to the Company (“General Release”), provided, however, that the General Release may exclude any claims for
indemnification, advancement of expenses, or insurance that you may then have pursuant to the Company’s or any Group Company’s certificate of incorporation or bylaws, any indemnity agreement, or policy of insurance. You shall have no
further rights to any other compensation or benefits hereunder on or after the termination of your employment. You shall not have a duty to seek substitute employment, and the Company shall not have the right to offset any compensation due you
against any compensation or income received by you after the date of such termination.
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14. |
Trade Secrets; Confidential and/or Proprietary Information. The Company and the Group Companies own certain trade secrets and other
confidential and/or proprietary information which constitute valuable property rights, which they have developed through a substantial expenditure of time and money, which are and will continue to be utilized in the business of the Company and the
Group Companies and which are not generally known in the trade. This proprietary information includes the list of names of the customers and suppliers of the Company and the |
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Group Companies, and other particularized information concerning the products, finances, processes, material preferences, fabrics, designs, material sources, pricing information, production
schedules, sales and marketing strategies, sales commission formulae, merchandising strategies, order forms and other types of proprietary information relating to our products, customers and suppliers. You agree that you will not disclose or use and
will keep strictly secret and confidential all trade secrets and proprietary information of the Company and the Group Companies, including, but not limited to, those items specifically mentioned above. |
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15. |
Expense Reimbursement. The Company will reimburse you for documented reasonable and necessary business expenses incurred by you while engaged in business activities for the Company’s benefit on such terms
and conditions as shall be generally available to other executives of the Company or the Group Companies. |
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16. |
Compliance With Business Policies. You will be required to observe the Company’s personnel and business policies and procedures as they are in effect from time to time. In the event of any conflicts, the
terms of this Agreement will control. You acknowledge that the policies are not incorporated into, and are not otherwise included in, this Agreement. |
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17. |
Obligations To Group Companies. The Company executes this Agreement for and on behalf of the Group Companies and may separately enforce any obligations in this Agreement that are in favour of the Group Companies
on their behalf. |
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18. |
Entire Agreement. This Agreement, and any confidentiality, stock option, restricted stock, stock appreciation rights or other similar agreements the Company or any Group Company may enter into with you contain
the entire integrated agreement between us regarding your employment, and no modification or amendment to this Agreement will be valid unless set forth in writing and signed by both you and an authorized officer of the Company. |
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19. |
Compliance with Tax Laws. This Agreement is intended to comply with the requirements of all applicable Australian tax laws. Accordingly, all provisions herein shall be construed and interpreted to comply with all
such tax laws and if necessary, any such provision shall be deemed amended to comply therewith. |
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20. |
Clawback Compliance. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that the Company or Quiksilver, Inc., has adopted or is required in the
future to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s or Quiksilver, Inc.’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and
Consumer Protection Act or other applicable law. |
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21. |
Successors and Assigns. This Agreement will be assignable by the Company to any successor or to any other Group Company, and will be binding upon any successor to the business of the Company or Quiksilver, Inc.,
whether direct or indirect, by purchase of securities, merger, consolidation, purchase of all or substantially all of the assets of the Company or Quiksilver, Inc., or otherwise. |
Please sign, date and return the enclosed copy of this Agreement to me to acknowledge your agreement with the above.
Thank you.
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| Very truly yours, |
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| Nigel Phillips |
| Chief Operating Officer |
| Ug Manufacturing Co. Pty Ltd |
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| ACKNOWLEDGED AND AGREED: |
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| Greg Healy |
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| Dated |
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Exhibit 99.1
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Contact: |
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Robert Jaffe |
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Investor Relations |
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424-288-4098 |
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zqk@quiksilver.com |
Quiksilver Announces Executive Leadership and Board Changes
—Pierre Agnes Named CEO, Greg Healy Appointed President,
Thomas Chambolle to be Promoted to CFO, Bob McKnight Appointed Chairman—
Huntington Beach, California, March 27, 2015 Quiksilver, Inc. (NYSE:ZQK) today announced that Pierre Agnes, President of Quiksilver, Inc., has
been promoted to Chief Executive Officer and added to the Board of Directors; he succeeds Andy Mooney who is no longer with the company. In addition, Greg Healy, Quiksilver’s APAC Region President, has been promoted to President of Quiksilver,
Inc., and Bob McKnight has been appointed Chairman. All changes are effective today.
Bob McKnight, Founder and Chairman of Quiksilver, Inc., said,
“On behalf of the board, I want to thank Andy Mooney for his leadership in driving the organizational changes that were essential to restoring our product design leadership and globalizing many of our key functions. This work provides the
foundation for the next phase of Quiksilver’s progress.
“The board has great confidence in Pierre’s ability and skills to lead our
company. His primary focus will be on improving operational execution and efficiencies, and identifying growth opportunities, especially in the U.S. wholesale channel.”
Pierre Agnes has worked for Quiksilver for 27 years. In November 2014, he was promoted to President of Quiksilver, Inc. He previously served as Global Head of
Apparel for Quiksilver, Roxy and DC. Since 2005 Pierre served as President of Quiksilver Europe.
Greg Healy, a CPA, joined
Quiksilver’s finance team in 1998. In 2002, he assumed the dual responsibility of Chief Financial Officer and Chief Operating Officer of Quiksilver’s Asia Pacific (APAC) Region. In 2010, Greg was named APAC President, following a promotion
to CEO of Australasia in 2009. Greg will be based in Huntington Beach, CA.
The company also announced that Thomas Chambolle, Quiksilver’s EMEA
Region Chief Financial Officer, will be promoted to Chief Financial Officer of Quiksilver, Inc. effective April 3, 2015. He succeeds Richard Shields, who has resigned to pursue other opportunities. Shields has agreed to serve as a consultant to
the company and resource to Chambolle.
McKnight continued, “We appreciate Richard’s contributions, including pushing our cost reduction
program, refinancing of the company’s senior notes and reducing inventory levels. I thank him for agreeing to assist Thomas during this transition.
“Thomas has done an outstanding job leading our EMEA Region finance team. He is well suited to take over the CFO position, and we are confident that he
will hit the ground running.”
Thomas Chambolle joined Quiksilver as EMEA Region CFO in 2013. Previously, Thomas was a Managing Partner at Ricol
Lasteyrie, a financial advisory consulting firm in France, since 2010. Prior to that, he worked with French government agencies supporting businesses impacted by the global credit crisis, and previously worked as CFO of the spare parts division of
Peugeot Citroen, a division of more than 5,000 employees with €4 billion of revenues.
Quiksilver, Inc.
March 27, 2015
Page 2 of 2
About Quiksilver:
Quiksilver, Inc., one of the
world’s leading outdoor sports lifestyle companies, designs, produces and distributes branded apparel, footwear and accessories. The Company’s apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual
lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company’s products
are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders Club shops and other Company-owned retail stores, other specialty stores, select department stores and
through various e-commerce channels. The Company’s corporate headquarters are in Huntington Beach, California.
* * * * *
NOTE: For further information about Quiksilver, Inc., please visit our website at www.quiksilverinc.com. We also invite you to explore our brand
sites, www.quiksilver.com, www.roxy.com and www.dcshoes.com.