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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of surf-and-skate outfitter Quiksilver (NYSE: ZQK ) were catching the perfect wave today, gaining as much as 12%, on word of a change in its CEO.
So what: Co-Founder Robert McKnight, who had been at the helm since 1991, said that the company was looking for a chief with branding and e-commerce experience. Enter former Disney executive Andy Mooney, who has served as the media giant's chairman of consumer products, and also spent 20 years with Nike. McKnight, who will remain on as executive chairman, said that it was time for some new blood.
I've been with the company for 35 years, and it's the only job I've ever had. It's time to take this to a bigger and better place.
Now what: Shareholders may be wondering what that bigger and better place is exactly. Quiksilver has been a perfectly middling stock for the last few years, but it's only worth a fraction of where it stood before the financial crisis. The company has turned an annual profit since, and of its three major brands -- Quiksilver, Roxy and DC -- only DC has shown significant growth lately. Perhaps, a personnel change can reinvigorate the two other flagging brands, but I'd like to see details first.
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