Billabong CEO Quits, Cites Personal Reasons

From Bloomberg News

Billabong International Ltd. shares rose after Chief Executive Matthew Perrin resigned, citing personal reasons that he didn’t detail.

The decision comes after Perrin sold half of his stake in the Australian surf wear maker in August, less than a week after the company announced a 50% increase in its first-half profit.

Perrin last week announced a cut in the firm’s earnings forecast for its business in Australia.

Billabong Chairman Gary Pemberton will assume the role of chief executive until a replacement is found.