Surfwear group Billabong International has announced the surprise resignation of one of its most important directors, Matthew Wilson, citing a potential conflict of interest relating to Mr Wilson’s investment portfolio at his private equity firm Oaktree Capital Management.
Oaktree, along with private equity ally Centerbridge Partners,
grabbed control of Billabong two years ago after extending the
struggling youth apparel group a $500m lifeline.
Mr Wilson was Oaktree’s sole representative on the Billabong board.
“Mr Wilson has decided to resign due to a potential conflict in Oaktree’s investment portfolio,’’ Billabong (BBG) said in a release to the ASX today.
Thomas Casarella, an alternate director for Mr Wilson, has also resigned.
was no explanation of what the conflict of interest could be or if Mr
Wilson will be replaced by another executive from Oaktree.
“On behalf of my fellow directors I would like to acknowledge and thank Matthew Wilson for
his contribution,’’ said.... continue reading ....
Billabong Original Press release : http://www.billabongbiz.com/phoenix.zhtml?c=154279&p=irol-news&nyo=0