Retail in Asia

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Billabong dumps long-time boss, appoints former Target chief

Australian surfwear business Billabong has dumped CEO Derek O’Neill and replaced him with a former Target boss following a tumultuous six months at the company.

Billabong has appointed former Target head Launa Inman as its new managing director and CEO, with O’Neill to "depart the company today". Its shares lost as much as four cents, or 1.7 percent, to AUD2.36 in early trade on Wednesday.

In a statement on Wednesday morning, Billabong said the board had decided that the company "required new leadership and skill sets for the next stage of its development."