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Billabong appoints former Ten exec as CFO


Troubled retailer Billabong has appointed a former Network Ten executive as its new chief financial officer.

The surfwear company announced on Friday that Peter Myers, who has previously worked as the chief financial officer at Network Ten and APN News and Media, has been appointed to the role.

Billabong chief executive Launa Inman said Mr Myers has extensive experience working on a number of successful and complex transactions including IPOs, takeovers, refinancing and acquisitions.

"Peter has over 30 years experience and insight at both a corporate and an operational level," Ms Inman said.

"He understands the company's current position, has a deep understanding of working with a wider team in implementing transformation strategies and will make a valuable contribution."

Former Billabong director and president of its American business, Paul Naude, and his financial backers are currently examining the retailer's books as part of their $527 million takeover bid for the company.

Mr Naude is part of a consortium which includes New York based private equity group Sycamore Partners and Bank of America Merrill Lynch.

Private equity firms TPG Private Capital and Bain Capital each withdrew their takeover bids for Billabong during 2012 after being granted due diligence.