Outdoor goods retailer and takeover target Kathmandu says its chief operating officer has resigned.
The company said today that Mark Todd had made the decision regardless of the outcome of the takeover offer from Briscoe Group.
He joined the company in 1998, and was acting chief executive throughout most of 2015 while Kathmandu awaited the start of new chief executive Xavier Simonet, who started last month.
Kathmandu said Mr Todd would be replaced as the company's senior finance executive by incumbent chief financial officer Reuben Casey and would step down from the board at the end of this month.
"I had contracted to stay with Kathmandu in my current role until July next year, but now with Xavier on board I feel it is the right time to step aside entirely," Mr Todd said in a statement.
Briscoe is offering five shares for every nine Kathmandu shares and 20 cents for each Kathmandu share, implying a $1.80 per Kathmandu share. The stock closed on Friday at $1.74.
