Billabong CFO departs

Billabong CFO Craig White is leaving the company, effective immediately, in the wake of Billabong’s latest profit warning to the market.

Billabong announced the change Thursday in Australia. White was forced out, according to people with knowledge of events.

White joined Billabong in 2004, and worked closely with previous CEO Derek O’Neill, who left Billabong in May. Inman is implementing several changes and launching a transformation strategy.

White’s departure comes a day after Billabong announced to the market that several segments of its business plan missed targets and that the company would not be meeting its previously announced annual EBITDA target, one that it had reaffirmed as recently as October. (Click here to read details about the segments that missed targets, and some strong areas of the business.)

The company is also in the midst of evaluating a takeover bid led by Americas President Paul Naude.

Billabong’s stock price fell another 5% in trading Thursday to 80 cents.

Billabong said Americas CFO Peter Bryant would temporarily take over for White while a search is conducted. Bryant is already managing general business and wholesale issues in the Americas for Paul Naude while he is on leave.