In an otherwise regular morning, this big bit of news dropped – Quiksilver have ousted CEO Andy Mooney and replaced him with Quik vet, Pierre Agnes. Shares are down on the news.

This comes after last weeks earning report that showed some good signs for the company. However they were not enough to get the share price moving in the right direction and the restructure and its effects may have been taking too long for some holding the stock.

Bob McKnight is stepping back in as Chairman of the company with Greg Healy stepping up to President. There’s a lot of Quiksilver history in this group of names which could be looked at as a good thing, or it could be seen as a return to the leadership that landed the brand where it is.

Mooney was reaching the end of the pain he had planned out to turn around the brands around and bring them back to relevance. If the plan was working, then all Agnes needs to do is continue to execute the plan and ride the brand back to health. If it wasn’t working, then we’d need to see some drastic announcements about new direction and implementation in order for them to justify the leadership changes and for him to claim any credit for the turn around.

Definitely one to watch closely.