Business & Economy

Quiksilver's chief operating officer to resign


Sports clothing manufacturer Quiksilver said Friday its chief operating officer will resign from the company this fall.

Craig Stevenson, global brand president and chief operating officer, will leave Quiksilver on Oct. 31, the company said in documents filed with the U.S. Securities and Exchange Commission. Stevenson had served in his position since 2011 and has been in a variety of leadership roles at the company since 1992.

Quiksilver, which sells sports clothing for activities like snowboarding and surfing, has struggled to gain yearly profits. The Huntington Beach-based company had a $10.8 million net loss in its 2012 fiscal year. That’s compared to a $21.3 million net loss the year before.

On Friday, Stevenson’s work as a “principal operating officer” was given to other executives, Quiksilver said. The company did not list a reason for why Stevenson is resigning and said it would not comment beyond what was in the document filed with the SEC. 

Stevenson will continue to receive his base salary and other benefits until Oct. 31, the company said in the document.  Base salaries are up for periodic review, but as of March 2012, Stevenson’s base salary was around $502,600, according to financial documents filed with the SEC. Stevenson will also receive severance benefits.

Last month, Quiksilver named its new CEO Andy Mooney, who was a past chairman of Disney Consumer Products.

On Friday, the company’s stock price was $5.96, down 7 cents.