UPDATED: The French coast guard has called off its search for Pierre Agnes, the CEO of Quiksilver owner Boardriders Inc., after his fishing boat was washed up on France’s southern coast.

Serious concerned had emerged for the well being of the retail executive, who disappeared on Tuesday after a routine morning fishing trip in Southern France, around 30 kilometres from the Spanish border.

A search and rescue effort co-ordinated by the French coastguard included helicopters and rescue boats, with the company saying it was not out of the ordinary for Agnes to fish alone in the mornings.

“Early this morning our CEO, Pierre Agnes, did what he did many mornings and went fishing on his beloved boat to start his day. Later in the morning his boat was recovered on the beach near his hometown and Pierre has not been heard from since,” Boardriders said.

“The Boardriders family and entire surfing world are devastated by this news. Given the situation on the ground is still evolving, our statements today will be limited.

“We are concentrating on working with the local authorities on the search and rescue effort and supporting Pierre’s family. Please keep Pierre and his family in your prayers. Thank you,” it said.

Boardriders is the owner of the Quiksilver, Roxy and DC Shoes brands and is soon likely to be the owner of Billabong International, which it lodged a take-over offer for last year.

Heavy fog is thought to have been a factor in the disappearance.

In the wake of the disappearance professional surfer Kelly Slater has said he’s finding it difficult to come to terms with the news.

“I love this man. Pierre Agnes went missing in Hossegor today when his boat washed ashore in the cold, early morning fog. I’m praying for a miracle,” he said.