Outdoor clothing retailer Kathmandu has brushed off speculation about the sudden resignation of a key executive, saying it has nothing to do with Briscoe's takeover offer.
Chief operating officer Mark Todd will step down at the end of August, ending 17 years with the retailer which included a recent stint as interim chief executive before Xavier Simonet was appointed the new chief.
Mr Todd said his decision was made regardless of the outcome of a takeover bid lodged by New Zealand home and sporting goods retailer Briscoe in early July.
"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," he said.
Kathmandu's board has advised shareholders to reject Briscoe's cash-and-scrip offer of about $A318 million on the grounds it undervalues the company.
Briscoe's offer will remain open until September 17.
Mr Todd said he was confident Kathmandu's board has the ability to deliver on the group's forecast of improved sales and earnings in the current financial year.
Kathmandu expects an 11 per cent rise in sales and 43 per cent lift in underlying earnings in its 2015/16 fiscal year, after a sharp drop in profit in 2014/15.
Shares in Kathmandu closed three cents, or 1.93 per cent, lower at $1.525.
Its share price has been pulling back, including a 5.5 per cent fall on Friday after rising nearly nine per cent on Thursday when the board rejected the offer.
"The rejection opened the door for other takeover offers which saw Kathmandu's shares rise but that excitement has been dying off since Friday," CommSec market analyst Steven Daghlian said.
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