Quiksilver Inc., the skate and surf retailer, named Andy Mooney as president and chief executive officer, replacing co-founder Bob McKnight after six years of annual losses.
Mooney, 57, recently was chairman of consumer products for Walt Disney Co. (DIS), Huntington Beach, California-based Quiksilver said in a statement. Mooney also spent two decades at Nike Inc. in several roles, including chief marketing officer. McKnight, 59, who co-founded Quiksilver in 1976 and had been CEO since 1991, will become executive chairman, effective Jan. 11.
Quiksilver, which sells products in 90 countries and has more than 600 stores globally, has been posting annual net losses since 2007 amid increasing competition. In the fiscal year ended Oct. 31, sales rose 3.1 percent to $2.01 billion. The net loss was $10.8 million.
The shares rose 11 percent to $4.85 at 9:56 a.m. in New York. The stock had gained 21 percent over the past year through yesterday.