Boardriders and Quiksilver CEO Pierre Agnes has become the focus of a rescue mission, following news he had gone missing at sea during a regular fishing trip.
French authorities dispatched helicopters off the coast of southwest France after reports came through that Agnes boat had washed up empty on its shores.
According to reports by Fairfax, the search has since been called off by the French Coastguard.
Boardriders issues a statement regarding the incident.
"Early this morning our CEO, Pierre Agnes, did what he did many mornings and went fishing on his beloved boat to start his day.
"Later in the morning his boat was recovered on the beach near his hometown and Pierre has not been heard from since. The Boardriders family and entire surfing world are devastated by this news. Given the situation on the ground is still evolving, our statements today will be limited.
"We are concentrating on working with the local authorities on the search and rescue effort and supporting Pierre's family. Please keep Pierre and his family in your prayers. Thank you."
Boardriders had most recently been successful in its takeover bid for ailing surf label Billabong with the deal valuing the brand at $155 million.