Billabong International Limited has received the resignation of director, Matthew Wilson. Wilson has decided to resign due to a potential conflict in the investment portfolio of private equity firm Oaktree Capital Management.
Oaktree, along with private equity ally Centerbridge Partners, acquired control of Billabong two years ago after extending the Australian companies a $500 million lifeline. Wilson was Oaktree’s sole representative on the Billabong board.
Thomas Casarella as an Alternate Director for Mr Wilson has therefore also resigned.
“On behalf of my fellow Directors I would like to acknowledge and thank Matthew Wilson for his contribution,” said Billabong Chairman Dr Ian Pollard. “Having joined the Board in November of 2013, Mr Wilson steps down with Billabong having just reported its first full-year profit in five years.”
“Mr Wilson and Oaktree are strong supporters of Billabong’s turnaround strategy, which the Board and the Group remain focused on implementing,” said Dr Pollard.
