DC Shoes President Nick Adcock has resigned to pursue other interests. Quiksilver Spokesman Joshua Katz confirmed to SportsOneSource that Quiksilver Americas' President Craig Stevenson will assume Adcock's responsibilities on an interim basis while a search for his replacement commences. The move comes as Quiksilver revealed on June 8 that as a result of new funding, it would not be selling any of its brands, including DC Shoes.
Adcock had been president of DC Shoes since February 2006. Prior to becoming president, Adcock had been with DC Shoes for three years and previously served as Australian General Manager, in which he set up the company's first subsidiary operation. Prior to joining DC Shoes, he held senior positions with Reebok
On its second quarter 2009 conference call on June 8, Bob McKnight, president & CEO, noted that the company had said in its first quarter conference call that it was considering a potential sale of assets, including the sale of one of our brands, as one of its alternatives to improving its liquidity. But as a result of a new financial restructuring, led by a $150 secured term loan from international private equity firm, Rhône, the sale of any brand was no longer being pursued.
“As we evaluated our options it became increasingly clear to us that we have three of the most dynamic and popular brands in the world in Quiksilver, Roxy and DC,” said McKnight. “This view was further supported in the due diligence conducted by the many potential investors and lenders we met with in recent months.”
McKnight added, “We are absolutely ecstatic that our new financing plans enable us to keep in tact our line up of great brands and that the infusion of cash affords us the opportunity to improve profitability. While it certainly wasn't easy bidding here and we still have some work to do to complete it, we are very pleased with the capital restructuring plan, the stability and flexibility it affords us and our new strategic partner.”
