Billabong's chief financial officer Craig White has left the troubled surfwear retailer.
It comes less than a day after the company began considering its lowest takeover offer in 10 months.
Billabong said Mr White departed on Thursday and Peter Bryant, the company's chief financial officer of the Americas, had been temporarily appointed to the role.
The company will conduct an international search for a permanent replacement as it looks to "implement a new organisational and reporting structure as part of its transformation strategy".
Billabong shares closed 5.9 per cent lower on Thursday at 80 cents, just six cents off its all-time lowest close of 74 cents on November 16.
Investors have wiped more than 20 per cent off the value of Billabong shares over the past two days following Wednesday's announcement about its earnings downgrade and that it was considering its fifth - and lowest - takeover offer in 10 months.
Former Billabong board member and president of Billabong's American business, Paul Naude, has made a $1.10 a share offer as part of a consortium which includes New-York based private equity group Sycamore Partners and Bank of America Merrill Lynch.
The $527 million takeover proposal comes with a long list of conditions.
Billabong now expects its full-year underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to fall to between $85 million and $92 million for 2012/13.
The new forecast is lower than its previous guidance of $100 million to $110 million, which was given to shareholders at the company's annual general meeting (AGM) on October 24.
Billabong attributed its earnings downgrade to weaker-than-expected sales during October and November.
Private equity firm TPG offered $854 million, or $3.30 per share, for Billabong in February, but that offer was rejected.
Billabong shares peaked at $14.06 in May, 2007.