Troubled surfwear retailer Billabong has appointed actuary and Rhodes scholar Dr Ian Pollard as its chairman elect.

The company on Tuesday said Dr Pollard would join the board as chairman elect and interim chair of the audit committee on October 24.

He will chair the audit committee on an interim basis with current committee chair and board member Allan McDonald retiring on the same day.

Private equity firm TPG is carrying out due diligence on Billabong after offering $695 million to take over the retailer in July.

A second private equity firm, Bain Capital, made a matching bid but withdrew its offer in late September while undergoing due diligence.

Current Billabong chairman Ted Kunkel earlier this year announced he planned retire, after seven years in the position.

He will remain as chairman pending the due diligence outcome and, in the event that Billabong remains a publicly-listed company, will stay until a smooth board transition is assured.

The latest TPG takeover offer is its second. It made an $850 million bid for the retailer in February.

Billabong made a $275.6 million loss in the year to June 30, down from a $119.1 million net profit the previous financial year.

Dr Pollard, a fellow of the Australian Institute of Company Directors, says he is looking forward to working with the board as Billabong rolls out its transformation strategy.

“While the global economic environment remains challenging, the inherent recognition and strength of Billabong’s key brands positions the company well,” Dr Pollard said in a statement on Tuesday.

Dr Pollard has held a range of senior business roles, including chairmanships of Just Group and Corporate Express Australia. He also was a director of OPSM.

He also founded and was a director of DCA Group, and was a member of the ASX Corporate Governance Implementation Review Group from 2003 to 2007.