Rip Curl founders exit after tide turns against $400m sale
Documents filed with the Australian Securities and Investments Commission show Mr Warbrick, pictured, and Mr Singer ceased being directors of Rip Curl International last month, although they will still have an interest in the future of the surfwear retailer with a combined 72 per cent stake in the company.
Both in their 70s, the pair recently abandoned a planned $400 million sale due to tough market conditions.
In March, Mr Singer announced he would step down as acting chief executive. Rip Curl is chaired by Australia Post CEO and former National Australia Bank executive Ahmed Fahour.
The two surfers were at the forefront of Australia's burgeoning surfwear apparel and equipment industry in the late 1960s and their Rip Curl surfboards soon became popular in a highly competitive market.
In 1970, the duo made an important change to their business model that would ultimately transform Rip Curl into a global brand with revenues of more than $400 million a year.
Realising the cold waters of Victoria could get in the way of a good time on the waves, they decided to branch out into wetsuits.
In 1981, Rip Curl signed its first corporate licensee, in southern California. Today, nine corporate licensees make and sell Rip Curl products in the US, France, South Africa, Japan, Indonesia, Brazil, Argentina, Peru and Chile.
Rip Curl chief operating officer Michael Daly took over the CEO role at Rip Curl in June.
Frequently Asked Questions about this Article…
Rip Curl was founded by surfers Doug Warbrick and Brian Singer in Torquay. Documents filed with the Australian Securities and Investments Commission show both men — now in their 70s — ceased being directors of Rip Curl International last month, ending a 44-year association with the company they started in a garage.
No. The founders recently abandoned a planned $400 million sale because of tough market conditions, and instead remain major shareholders in the business.
Although they have stepped down as directors, the article says Doug Warbrick and Brian Singer will still have an interest in Rip Curl with a combined 72% stake in the company.
Rip Curl’s chief operating officer, Michael Daly, took over the chief executive role in June. Brian Singer had already stepped down as acting CEO in March, and the company is chaired by Ahmed Fahour.
For investors, the key facts from the article are that the founders have given up director roles but remain majority shareholders (72%), and there has been a recent change in executive leadership with Michael Daly as CEO. These are important management and ownership developments to watch, though the article does not discuss any immediate financial or strategic changes.
Rip Curl is described as a global surfwear brand that grew from wetsuits and surfboards into an international business with revenues of more than $400 million a year.
Rip Curl expanded internationally beginning in 1981 with its first corporate licensee in southern California. Today, nine corporate licensees make and sell Rip Curl products in countries including the US, France, South Africa, Japan, Indonesia, Brazil, Argentina, Peru and Chile.
The planned $400 million sale was abandoned because of tough market conditions, according to the article. That suggests market sentiment or deal conditions at the time were not favourable enough to complete the transaction.
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