Surfwear retailer Rip Curl has confirmed its chairman and director has stepped down.
A spokesperson for the company has confirmed to ragtrader.com.au that Australia Post chief Ahmed Fahour has moved on from his position after ten years.
As previously reported, Fairfax Media obtained a letter sent to Rip Curl staff advising of the change.
Fahour wrote that good corporate governance and other significant business commitments meant it was the right time ”to move on”.
”In the corporate world, a term of 10 years by an independent director/chairman is generally considered a maximum under good corporate governance rules."
Fahour would remain a shareholder in the privately owned company.
According to Fairfax, his personal stake in the company is believed to be worth about $2.5 million.