Being unemployed sucks. It happened to me when I was 23 and 30. In this economy the official number is around 7.8%, but the real unemployment number (people actively looking for work, the underemployed, AND discouraged workers who have given up searching) is more than double that number. Unfortunately, Balaram Stack can now be included in that number. We reported that Stack was cut by Quiksilver two months ago. Now Surfer Magazine has an interview with Stack here where he explains how it happened, and what his current plans are. Keep your head up Balaram, New Yorkers are tougher than anyone else out there. If any of our readers is hiring, check out his video resume below.
First confirmed casualties from Quiksilver's reorganization are in. Long Beach's own Balaram Stack was let go from his Quiksilver sponsorship. The VSTR brand line will be discontinued, and Dayne Reynolds' Summer Teeth brand will be handed back to him. No cuts have been announced for Quiksilver's Europe team yet, nor any news about the sub-brands based there such as Moskova. A memo released by Quiksilver states that they will keep 130 surfers, and will continue to re-focus each brand where it is strongest.
Following on the heels of Nike and Burton cutting team riders and brands, Quiksilver announced to today that it will be cutting riders, staff and brands from its lineup. COO and Global Brand President, Craig Stevenson, will leave later this year. Top athletes like Kelly Slater, Dayne Reynolds, and Tony Hawk will be safe. Rumors are all over the internet, but Transworld broke the story before all people were notified, so a full update may come tomorrow. As of now, Womens brands at DC and Quiksilver were cut (not Roxy), along with Quiksilver Girls. There is talk of the Quiksilver snowboard team being let go, except Travis Rice. Also talk of deep cuts in the DC family like the BMX team.
All of this seems to be an attempt to streamline the company, cut costs, and boost the stock price under new CEO Andy Mooney who joined last month. Quiksilver's stock price (ZQK) has rallied from $2.33 last summer to closing at $6.21 today.
Quiksilver CEO Steps Down
Quiksilver CEO and co-founder Bob McKnight has resigned from his position but will remain as Executive Chairman. Former Disney and Nike executive, Andy Mooney, will officially become new CEO on January 11. Full press release can be found here.
So Andy, who do we need to bribe to get the Quiksilver Pro back to Long Beach??