ROTH CAPITAL PARTNERS: Hosting 27th Growth Stock Conference March 8-11 in Dana Point, Calif.
Details on Industry Insight.
Two separate executive changes have been announced at two important industry companies.
Burton said today it hired a new chief financial officer who previously worked at VF Corporation and has ties to Reef. Mike Rees starts his new job at Burton headquarters in Vermont May 4. More details about his background are below.
A Quiksilver spokesman confirmed yesterday that Tom Ulrich, president of Quiksilver America's retail division, has left the company to pursue other opportunities. The company is actively looking for its replacement, the company said.
The former senior vice president of retail, Gregg Solomon, left Quiksilver earlier this year.
At the end of the fiscal year, Quiksilver had 472 company-owned stores worldwide.
Here is the press release announcing Burton's new CFO:
BURLINGTON, Vt. (April 28, 2009) - Burton today announced that it has hired Mike Rees as the CFO of Burton Corporation. Mike will start his role on Monday, May 4th and be based at Burton Headquarters in Burlington, Vermont where he will report directly to CEO Laurent Potdevin. Previously, Mike spent sixteen years at VF Corporation in a number of roles, including CFO of Reef and Eagle Creek and CFO of VF's International Outdoor division.
"In light of the challenging economic environment, the CFO role is more critical than ever," says Laurent Potdevin, CEO of Burton. "We have spent months searching for a CFO who has the right balance between industry-related experience, a demonstrated ability to deliver profitable growth and high ethical standards. We are confident that Mike's successful 16-year tenure overseeing a wide range of financial functions at VF make him the ideal person for the job."
Mike held a number of positions during his 16 years with VF Corporation and rose to a CFO role within five years of joining the company. His financial experience spans from retail and acquisitions to managing VF's international finances in Europe. In his early days as a CFO at VF's Outlet division, he was responsible for the financial operations of approximately 60 retail locations while taking on additional work as the General Merchandise Manager. He spent seven years of his career overseeing VF's financial operations in Europe. After returning from Europe, he assisted with the integration of the Reef and Eagle Creek brands into VF Outdoor and served as the functional lead for the implementation of SAP at Reef, which Burton also utilizes as its enterprise resource planning (ERP) software.
At Burton, Mike will be responsible for the visionary and strategic financial leadership of the company's family of brands on a global level. Mike is tasked with establishing long-range financial goals, strategies and policies. In addition, he will oversee the day-to-day operations of Burton's accounting, treasury and finance groups, ensuring that all financial systems and procedures comply with legal policies and regulations.
"I'm thrilled to join the Burton team," says Mike Rees, Burton's new CFO. "It's very exciting to be a part of a company with such a strong portfolio of authentic, market-leading brands."
In 1977, Jake Burton Carpenter founded Burton Snowboards out of his Vermont barn. Since then, Burton has fueled the growth of snowboarding worldwide through its groundbreaking product lines, its team of top snowboarders and its grassroots efforts to get the sport accepted at resorts. In 1996, Burton began growing its family of brands to include boardsports and apparel brands. Privately held and owned by Jake, Burton's headquarters are in Burlington, Vermont with offices in California, Austria, Japan and Australia. For more information, visit http://www.burton.com.