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.
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.
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