The stock market has embraced Andy Mooney becoming the new CEO of Quiksilver, with several analysts upgrading Quiksilver’s stock after the news.
Quiksilver’s stock price rose nearly 9% in early trading Friday to $4.92.
Both DA Davidson and Goldman Sachs said Mooney’s impressive resume at companies such as Disney and Nike give credibility to Quiksilver’s turnaround story.
DA Davidson reiterated its buy rating and raised the price target to $7 from $5.
Goldman changed its rating to buy from neutral and raised the price target to $6.50 from $4.
Separately, Quiksilver filed details with the SEC about Mooney’s pay package.
Mooney will have a base salary of $1 million per year, and be eligible for a bonus based on hitting designated EBITDA targets. He will also be eligible for the company’s stock incentive plan and will receive a $25,000 hire-on bonus.
Bob McKnight, whose duties will change as he moves from CEO to Executive Chairman, will also have a salary of $1 million per year, according to company filings with the SEC.