Kathmandu's Mark Todd resigns

Todd will step down from the Kathmandu board at the end of this month and will be replaced as the company's senior finance executive by chief financial officer Reuben Casey.

Takeover target Kathmandu said its chief operating officer Mark Todd had resigned.

The outdoor goods retailer said Todd had decided to resign regardless of the outcome of the current takeover offer from Briscoe Group.

Todd joined the company in 1998, and was acting chief executive throughout most of 2015 while the company awaited the start of new chief executive, Xavier Simonet, who started in July.

Kathmandu said Todd would be replaced as the company's senior finance executive by incumbent chief financial officer Reuben Casey and will step down from the board at the end of the month.

"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 in a statement.

Briscoe is offering five shares for every nine Kathmandu shares and $0.20 cents for each Kathmandu share, implying a $1.80 per Kathmandu share. The stock closed on Friday at $1.74.