Rip Curl reshuffle
In a letter sent to Rip Curl staff, and obtained by Fairfax Media, Fahour said he had enjoyed his 10 years with the retailer but that good corporate governance and his other significant business commitments meant it was the right time ”to move on”.
”In the corporate world, a term of 10 years by an independent director/chairman is generally considered a maximum under good corporate governance rules,” Fahour stated.
Fahour said he would remain a shareholder in the privately owned company. According to Fairfax, Fahour’s personal stake in the company is believed to be worth about $2.5 million.