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Details on Industry Insight.
Quiksilver, Inc. CFO Joe Scirocco to Resign
— Helped guide the company through global financial restructuring
— Plans to remain with the company to enable a smooth transition
Huntington Beach, California, January 5, 2012 -- Quiksilver Inc. (NYSE:ZQK) today announced that Joe Scirocco, the company’s corporate Chief Financial Officer, has decided to leave the company to pursue other interests.
Scirocco, who has served as CFO of Quiksilver, Inc. since April 2007, plans to continue in his current role for a period of time while the company performs a search for his replacement and to enable a smooth transition.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver Inc., commented, “Joe came to Quiksilver at a time in his life when he was looking for a new challenge and he inherited an extremely difficult financial situation.
"This period coincided with the onset of the global financial crisis and our pressing need to refinance our business. Joe helped lead us through this process and put the company on the solid financial footing we enjoy today. Joe recently decided to take this opportunity to look for the next challenge in his career and, with mixed emotions, we support him in this effort.
"Joe continues to believe deeply in Quiksilver’s ambitions and he will always be a part of the Quiksilver family. We want to wish Joe the best of luck in his future endeavors and thank him for his many contributions to our success.”
The company also announced that it remains on track to deliver on its long-term objectives to substantially increase its revenues and profits, consistent with its most recent earnings announcement on December 15, 2011.
Additionally, the company plans to present at next week’s 14th Annual ICR XChange Investor Conference in Miami Beach, FL. Quiksilver’s presentation will be webcast live at 1:35pm Eastern Time on Thursday, January 12, 2012, and a link to the webcast will be available at www.quiksilverinc.com.
Quiksilver Inc. (NYSE:ZQK) is the world’s leading outdoor sports lifestyle company, which designs, produces and distributes a diversified mix of branded apparel, footwear, accessories, snowboards and related products. The company’s apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage.
The reputation of Quiksilver’s brands is based on outdoor action sports. The company’s Quiksilver, Roxy, DC, Lib Tech and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding.
The company’s products are sold in over 90 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 and select department stores.
Quiksilver’s corporate and Americas’ headquarters are in Huntington Beach, California, while its European headquarters are in St. Jean de Luz, France, and its Asia/Pacific headquarters are in Torquay, Australia.
This press release contains forward-looking statements including but not limited to statements regarding the company’s growth initiatives, profitability and other future activities. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Please refer to Quiksilver’s SEC filings for more information on the risk factors that could cause actual results to differ materially from expectations, specifically the sections titled “Risk Factors” and “Forward-Looking Statements” in Quiksilver’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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For further information about Quiksilver Inc., you are invited to take a look at our world at www.quiksilver.com, www.roxy.com, www.dcshoes.com, www.lib-tech.com and www.hawkclothing.com.