Billabong Founder Merchant And Board Member Survive Calls For Sacking
Surfwear company Billabong majority shareholder & Founder Gordon Merchant and board member Colette Paul have been re-elected to the company's board "despite calls for them to be dumped," according to Bridie Jabour of the SYDNEY MORNING HERALD. The Australian Shareholders Association had "recommended the pair be sacked" for their role in the rejection of an A$850M ($878M) takeover bid by capital management firm TPG. In proxy votes Merchant received 68.28% in favor of keeping him and 31.63% against. Paul had 68.06% in favor of her and 31.85% against. Billabong Managing Dir Launa Inman revealed that the company will "cut more stores and reduce the number of styles it sells" in a move to improve the company's bottom line. The company will close another 140 stores, "bringing the total number of shops down to 600" (SMH, 10/24).