Surfwear specialist Rip Curl has appointed Olivier Cantet CEO with effect from July 1. He takes over from François Payot who has been CEO since 2006. Mr Payot will continue to act as director-founder and will keep his place on the supervisory committee along with co-founders Brian Singer and Doug Warbrick.

Mr Cantet joined the firm in 2003 as general manager for Europe, a role he will continue to hold as he assumes his new duties.

Chairman of the board, Ahmed Fahour, said: "We would like to thank François Payot for the remarkable leadership he has shown in recent years, for the way he has stabilised the Rip Curl group and the manner in which he has prepared Olivier Cantet and a new generation of managers to raise the business to an even higher level."