Bob Hurley, who founded California surf apparel company Hurley International LLC in 1998 and sold it to Nike in 2002, will step down as CEO of the Hurley brand.
He will shift to a transition role, where he will focus on building and cultivating the community and extending Nike’s relationships with elite athletes. Hurley oversaw product development and design, advertising and marketing for the Nike subsidiary, which has approximately 350 employees.
Longtime Nike veteran Bob Coombes, VP and GM of Hurley, takes on management of the business at Hurley, reporting to Jayme Martin, VP and GM Global Categories, Nike Inc.
Hurley, 60, began his career in surf business in 1978 by establishing Hurley Surfboards, a small factory-retail outlet in Huntington Beach. He was still making boards when in 1983 he acquired the U.S. license for Billabong for $40,000. Serving as president of Billabong USA until 1998, Hurley helped Billabong become a leading surf player in the U.S.. In 1998, he launched the Hurley apparel brand to quick success and four years later sold it to Nike for an estimated $120 million.
“Bob is a legend in the surf and action sports industry who grew his passion into a globally recognized brand that stands for creativity, innovation and community,” said Mark Parker, president and CEO, Nike Inc. “We look forward to continuing our work together to build the Hurley brand globally.”
“Working with Nike, we’ve been able to connect the world’s best surfers with the most innovative products to inspire riders everywhere,” said Hurley. “Now I look forward to focusing on what I love most — spending my time with the community and growing the sport with the athletes that push the limits of what’s possible.”
Hurley's revenues are included in Nike's Action Sports segment, which also includes Nike's skate footwear and lifestyle apparel offerings. Sales in Nike's Action Sports segment reached $736 million in its fiscal year ended May 31, 2015, flat with year-ago sales but up 4 percent on a currency-neutral basis.
