The Kathmandu Holdings Ltd (ASX: KMD) share price will be one to watch on Wednesday morning. This follows the retail company’s announcement that it has reshaped its leadership team.
At yesterday’s market close, the Kathmandu share price was trading at $1.49.
Kathmandu designs and retails clothing, footwear, and equipment for surfing and the outdoors. Its brands include Kathmandu, Oboz and Rip Curl.
What changes did Kathmandu make?
In today’s release, Kathmandu advised it has appointed a new Group CEO and managing director to lead its businesses.
The appointment of Rip Curl CEO Michael Daly to the position will see him take over the reins from outgoing CEO Xavier Simonet.
After more than 5 years at the group helm, Mr Simonet has stepped away from Kathmandu to become the new CEO of Australia’s trade and investment commission, Austrade.
Mr Daly’s role will come into effect immediately, as Kathmandu now seeks to find a successor for Rip Curl.
Kathmandu chair David Kirk welcomed the new appointment, saying:
After an extensive international search, I am delighted to announce that Michael Daly will be the new Group CEO of Kathmandu Holdings. Michael has led Rip Curl for 8 years with a relentless focus on brand, product, people and the bottom line and we are confident he will bring the same focus and energy to the wider group.
Incoming CEO Michael Daly added:
This is an exciting next step for me. The group has a portfolio of outstanding brands in Kathmandu, Rip Curl and Oboz and I am looking forward to leading three great teams as we work together to grow and develop the group.
About the Kathmandu share price
The Kathmandu share price has trekked higher over the past 12 months, increasing more than 60%. Year-to-date performance has also climbed, giving investors a gain of around 25%.
Based on valuation metrics, Kathmandu presides a market capitalisation of roughly $1 billion, with approximately 709 million shares on issue.