Pierre Agnes went on a fishing trip early Tuesday morning and then called port authorities to inform them his return would be delayed due to inclement weather, according to French newswire service AFP. The area has been experiencing rough waters, but visibility is now clear. Crews used four boats and two helicopters to search for Agnes, continuing after nightfall, .
Quiksilver, known for its surfwear, was founded in Australia but is now majority-owned by an American investment group, Oaktree Capital Management, and based in California.
The company filed for Chapter 11 bankruptcy protection in September 2015 and transferred control to USA private equity firm Oaktree Capital Management, its largest debtholder, as part of the restructuring process.
Agnes, who has been with the iconic brand for almost 30 years, became the CEO of the now-struggling company in 2015.
Rescuers were scouring the Bay of Biscay waters off Hossegor, a well-known surfing resort from where the 54-year-old Agnes set sail early in the morning, the local Landes prefecture said. In 2003, he served as Managing Director of Quiksilver Europe and eventually worked his way up to the position of CEO, which he's held since 2015. We will update this story as news develops.
On Tuesday, Agnes was first reported missing after his Mascaret III was found on the Atlantic Ocean beach at Hossegor, close to Capbreton his hometown which is located only 20 miles to the north of Biarritz.