Online retailer, Surfstitch, have appointed joint chief executives ahead of a possible takeover bid.

Lex Pedersen and Justin Stone have been appointed as joint CEOs, effective immediately, following the abrupt departure of Justin Cameron last week to join a possible private equity takeover bid for the online retailer.

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. Stone is managing director of the company’s Europe unit, SurfStitch’s largest geography by revenue, and founded Surfdome.

“The appointment of Lex Pedersen and Justin Stone is an important step forward for the business,” said Surfstitch chair, Howard McDonald.

“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.”

McDonald said Pedersen and Stone are the right combination to “lead the business into the next phase of its profitable growth strategy.”

SurfStitch said on Thursday it hasn’t received any formal or informal proposal from 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.

The company mentioned in a statement the key terms of Pedersen’s and Stone’s existing employment contracts remain unchanged.

The employment contract of Cameron with the company and his managing directorship have ended, with the company reserving its various rights.

SurfStitch shares were steady at $1.38.

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