Quiksilver, Inc. (NYSE:ZQK) stock fell on Friday following the removal of its CEO.
Quicksilver CEO Andy Mooney was removed following a cut guidance for the year and an investigation into the company’s revenue-accounting practices. His role as CEO was taken over by company president Pierre Agnes and co-founder Bob McKnight replaced him as the new chairman, reports The Wall Street Journal.
According to Bloomberg, with Agnes stepping up to replace Mooney as Quicksilver’s new CEO, Greg Healy the president of the company’s Asia operations, will take over as president.
Mooney’s removal from the company was announced in a filing with the Securities and Exchange Commission. He was named the CEO of Quicksilver in January 2013. The company didn’t explain why it decided to remove Mooney, WSJ notes.
ZQK shares were down 12% as of Friday afternoon.
