Leasure by name, leisure by nature: Billabong boss Ed Leasure has handed in his notice, the Australia-listed company announced today - because he wants to "surf more".
"After getting into the business to surf more, I'm now stepping back from the business to surf more," Leasure - president of the Americas at the company - said in a statement last night.
"Billabong is in good hands and we now have the best team on the field. Knowing this has made my decision a little easier."
Chief executive Neil Fiska gave Leasure - who started off making surfboards with his brother in their garage in Cocoa Beach, Florida - a glowing review.
"Ed is a pioneer and one of the best surf retailers in the business," he said. "Widely respected and admired in the industry, he brought credibility and expertise to the Americas region at a critical time."
Leasure will stay on until the end of January, and remain an ambassador for the brand.
Meanwhile, Billabong brand president Shannan North will take on the Americas role, while Jeremy Hale, vice-president of international development, will take on responsibility for emerging markets and overseeing US-based emerging brands.
Investors clearly don't want Leasure to surf more: shares fell 3.6 per cent to AU$2.13.