re: Ann: Refinancing of Debts, Sale of DaKine...
Billabong International chief executive Launa Inman could walk away from the Australian surfwear company with up to $4.6 million after 13 months on the job.
Ms Inman, who came to Billabong from Target and Officeworks, is set to be replaced by Scott Olivet, a former chairman and chief executive of US sportswear group Oakley. Billabong has entered a complex $294 million refinancing deal that will give the ailing company a lifeline.
According to the package outlined by Billabong when Ms Inman was appointed in May 2012 she was given:
Base salary: $1.3 million a year, subject to an annual review
Short-term incentive: Up to 100 per cent of her base salary, subject to the board's assessment of her performance in achieving financial and non-financial targets
Share investment: $100,000 to acquire shares in Billabong
Long-term incentive: $614,000 for the financial year ending June 30, 2013, subject to shareholder approval
Termination: Base salary of $1.3 million if "fundamantal change" in the company occurs
Billabong has yet to outline Ms Inman's termination package.
Billabong raised to neutral at JPMorgan Billabong raised to hold at Deutsche Bank
