SurfStitch has appointed Lex Pedersen and Justin Stone as joint chief executives after Justin Cameron abruptly quit to join a possible private equity takeover bid for the online retailer.
SurfStitch reiterated Thursday that it hasn't to date received any formal or informal proposal, nor has it had any discussions with private equity in relation to any potential acquisition of the company.
The group also said there is no certainty that any proposal or approach from any party may be forthcoming.
The identity of the private equity group hasn't been publicly disclosed.
Chairman Howard McDonald said the joint CEO appointments, effective immediately, are an important step forward for the business.
"Lex and Justin have significant experience in the industry and have been intimately involved in setting and executing the group's strategy to date, and are therefore natural successors to lead the group," Mr McDonald said in a statement.
Mr Pedersen is currently managing director and president of the group's SWELL unit, and has held a number of senior management roles since co-founding SurfStitch in 2007.
Mr Stone is currently managing director of the company's Europe unit, SurfStitch's largest geography by revenue, and founded Surfdome.
"The company is in a strong position with numerous opportunities ahead of us and we are confident that Lex and Justin are the right combination to lead the business into the next phase of its profitable growth strategy," Mr McDonald said.
SurfStitch said the key terms of Mr Pedersen's and Mr Stone's existing employment contracts remain unchanged.
The employment contract of Mr Cameron with the company and his managing directorship have ended, and the company reserves its various rights.
SurfStitch shares were steady at $1.38.
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