Rip Curl CEO Brooke Farris Resigns
Rip Curl CEO Brooke Farris is resigning after three years leading the Australia-based surfwear brand, according to parent company KMD Brands.
The announcement comes nearly two weeks after KMD announced that current KMD CEO Michael Daly, a Rip Curl veteran, had resigned. The company has named KMD board member and former Nike executive Brent Scrimshaw the new KMD CEO, however, Daly is continuing in the KMD CEO role until Scrimshaw joins the company.
A search for a new Rip Curl CEO is underway, and Daly will serve as interim Rip Curl CEO until that person is found.
“After 14 years at Rip Curl, and over three of those in the CEO role, the time feels right for a break and new opportunities,” Farris said in a statement. “It has been an honor to lead this iconic brand, and I’m confident Rip Curl will continue to be the ultimate surfing company.”
Farris held a variety of roles at Rip Curl during her time at the brand including running Rip Curl surf events around the world, executing marketing strategy across retail, wholesale, social media, team, and events as the Australia/New Zealand marketing manager, and leading online as the general manager of digital. Before she moved to the CEO role, Brooke served as general manager of women’s.
“Brooke has been dedicated to the success of Rip Curl for 14 years,” Daly said in a statement. “As CEO, she has achieved record sales and grown the women’s business significantly. Brooke leaves Rip Curl well positioned for its next phase. We wish her all the very best.”
With all the changes in the industry given the Boardriders sale and other industry challenges, there are lots of former surf brand leaders who could potentially step into the Rip Curl CEO role. It will be interesting to see if the company, and the new incoming KMD Brands CEO, opt to hire from within the industry or if they go in a different direction.
Rip Curl, founded by Brian Singer, and Doug “Claw” Warbrick, was a closely-held, privately-run company for 50 years until 2019, when it sold to publicly-traded KMD Brands, then called Kathmandu Holdings Limited, for A$350 million ($236 million).
Like many industry companies, Rip Curl has faced challenges in the current post-COVID environment. In the fiscal year ended July 31, Rip Curl’s full-year revenue declined by 7.3% to NZ$538.9 million ($341.2 million) compared to the previous year, according to KMD financial filings.
Rip Curl’s EBITDA was NZ$42 million ($26.6 million), a 24.5% decline from the previous year.