<PAGE>   1
                                                                   EXHIBIT 10.23
                                                                   
                                                                   April 1, 1995

PERSONAL AND CONFIDENTIAL
-------------------------

Mr. Bert Fenenga
c/o Quiksilver, Inc.
1740  Monrovia Avenue
Costa Mesa, California  92627-9407

         Re:     Employment at Quiksilver
                 ------------------------

Dear Bert:

         This letter will confirm our understanding regarding your continued
employment at Quiksilver, Inc. ("Quiksilver" or the "Company"), and completely
supersedes and replaces any existing or previous understandings or agreements,
express or implied, we have had.  The terms contained in this letter are
effective on and after April 1, 1995.

         1.      Your position will be Chief Financial Officer and Treasurer
                 and you will be a Vice President of the Company, currently
                 reporting to the Chief Operating Officer or his designee.
                 Your primary job responsibilities and job duties will involve
                 managing and directing the Company's overall business
                 performance with regard to accounting and finance.

         2.      Your base salary will be $10,833 per month, less applicable 
                 withholdings and deductions, paid on the Company's regular 
                 payroll dates.  Your salary will be reviewed at the time 
                 management salaries are reviewed periodically and may be
                 adjusted (up or down) at the Company's discretion in light of
                 the Company's performance, your performance, market conditions
                 and other factors deemed relevant by the Company.

         3.      For Quiksilver's fiscal year ("FY") 1994-1995 (ending October
                 31, 1995), you are eligible for a bonus.  The bonus amount for
                 which you are eligible, and the criteria on which the bonus is
                 based, are attached as addendum A.  If earned, the bonus is to
                 be paid in quarterly amounts, ten days after audited earnings
                 are released, and is less applicable withholdings and
                 deductions.  You must be employed continuously through each
                 quarter to be eligible for that quarters bonus.

                 You are also eligible for an additional bonus, addendum A-II.
                 Your share of this bonus pool will be 25% (percent).  If
                 earned, this bonus (A-II), is to be paid annually, ten (10)
                 days after audited year-end earnings are released and is less
                 applicable withholdings and deductions.  If your employment
                 terminates prior to the end of the fiscal year, and you
                 otherwise meet the bonus eligibility criteria, you will
                 receive a pro-rata portion of the bonus.

         4.      You will accrue 20 days of vacation each year up to a maximum
                 of 25 days.  Once the maximum is reached, additional vacation
                 accrual will cease until you have used some vacation to fall
                 below the maximum accrual allowed.

         5.      You (and any eligible dependents you elect) will be covered by
                 the Company's group medical insurance program on the same
                 terms and conditions applicable to comparable employees.  The
                 Company reserves the right to change, modify, or eliminate
                 such coverage.
<PAGE>   2
Bert Fenenga
April 1, 1995
Page 2


         6.      We will pay the premium on a term life insurance policy on
                 your life with a company of our choice in the face amount
                 determined by the Company of not less than $500,000.  Our
                 obligation to obtain and maintain this insurance is contingent
                 upon your establishing and maintaining insurability, and we
                 are not required to pay premiums for such a policy in excess
                 of $1,250.00 annually.

         7.      The amount and terms of stock options to be granted to you
                 will be determined by the Board of Directors and covered in
                 separate agreements.

         8.      The Company may terminate your employment immediately, without
                 notice and without further obligation for Cause, which shall
                 be defined as (i) your death, (ii) your permanent disability
                 which renders you unable to perform your duties and
                 responsibilities for a period in excess of three consecutive
                 months, (iii) willful misconduct in the performance of your
                 duties, (iv) violation of law, (v) self-dealing, (vi) willful
                 breach of duty, (vii) habitual neglect of duty, (viii) a
                 material breach by you of your obligations under Paragraphs 9
                 and 10 of this agreement, or (ix) sustained unsatisfactory
                 performance (determined by the Chairman of the Board).

                 Notwithstanding anything to the contrary in this agreement or
                 in your employment relationship, express or implied, your
                 employment is for an unspecified term and may also be
                 terminated at will and without Cause or notice at any time for
                 any reason.  this at-will aspect of your employment
                 relationship can only be changed by an individualized written
                 agreement signed by both you and the Chairman of the Board.

                 If the Company elects to terminate your employment without
                 Cause, or if you terminate your employment with the Company
                 for Good Reason (as defined below) within six (6) months of
                 the action constituting Good Reason, the Company will continue
                 to pay your Base Salary (but not any bonuses or employee
                 benefits) on its regular payroll dates for a period of six (6)
                 months, plus an additional one (1) month for each of your fist
                 six *6) full years of service with the Company up to a maximum
                 aggregate salary continuation period of 12 months.  Your
                 effective date of employment for this purpose is July 9, 1990.
                 If the Company terminates your employment for Cause, or if you
                 resign/terminate your employment without Good Reason, you will
                 receive your Base Salary through the date of termination only.

                 "Good Reason" for you to terminate employment means a
                 termination following a "Change in Control" (as defined in
                 addendum B hereto) as a result of (i) the assignment to you of
                 duties materially inconsistent with your position as set forth
                 above without your consent, (ii) a material change in your
                 reporting level from that set forth in this letter without
                 your consent, (iii) a material diminution of your authority
                 without your consent, (iv) a material breach by the Company of
                 its obligations under this agreement, or (v) a failure by the
                 Company to obtain from any successor, before the succession
                 takes place, an agreement to assume and perform the
                 obligations contained in this letter.

         9.      Quiksilver owns certain trade secrets and other confidential
                 and/or proprietary information which constitute valuable
                 property rights, which we have developed through a substantial
                 expenditure of time and money, which are and will continue to
                 be utilized in the Company's business and which are not
                 generally known in the trade.  This proprietary information
                 includes the list of names of the customers and suppliers of
                 Quiksilver, and
<PAGE>   3
Bert Fenenga
April 1, 1995
Page 3

                 other particularized information concerning the products,
                 finances, processes, material preferences, fabrics, designs,
                 material sources, pricing information, production schedules,
                 marketing strategies, merchandising strategies, order forms
                 and other types of proprietary information relating to our
                 products, customers and suppliers.  You agree that you will
                 not disclose and will keep strictly secret and confidential
                 all trade secrets and proprietary information of Quiksilver,
                 including, but not limited to, those items specifically
                 mentioned above.

         10.     You will be required to observe the Company's personnel and
                 business policies and procedures as they are in effect from
                 time to time.  In the event of any conflict, the terms of this
                 letter will control.

         11.     This letter, its addendums, and any stock option agreements we
                 may enter into with you contain the entire integrated
                 agreement between us regarding these issues, and no
                 modification to this letter will be valid unless set forth in
                 writing and signed by both you and the CEO.  Any dispute
                 regarding the terms of this letter or any aspect of your
                 employment or the termination thereof must be settled
                 exclusively by final and binding arbitration in Orange County,
                 California, before a single arbitrator selected from Judicial
                 Arbitration & Mediation Services, Inc. ("JAMS"), whose fees
                 and costs shall be evenly divided by the parties.   The
                 Company reserves the right, however, to seek judicial
                 provisional remedies and equitable relief regarding any breach
                 or threatened breach of your obligations regarding trade
                 secrets and proprietary information.

         12.     This letter agreement will be assignable by the Company to any
                 successor or to any other company owned or controlled by the
                 Company, and will be binding upon any successor to the
                 business of the Company, whether direct or indirect, by
                 purchase of securities, merger, consolidation, purchase of all
                 or substantially all of the assets of the Company or
                 otherwise.

         Please sign, date and return the enclosed copy of this letter to me
for our files to acknowledge your agreement with the above.

         Best personal regards.
                                                      Sincerely,


                                                      Robert B. McKnight, Jr.
                                                      Chairman and
                                                      Chief Executive Officer

RBM:jkm

Enclosure

ACKNOWLEDGED AND AGREED:


-----------------------------
Bert Fenenga


Date:                  , 1995
      -----------------
<PAGE>   4
                                  ADDENDUM "B"


"Change in Control" means the occurrence of one or more of the following
events: (i) any corporation, partnership, person, other entity, or group (as
defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended)
(collectively, a "Person") acquires shares of capital stock of the Company
representing more than 50% of the total number of shares of capital stock that
may be voted for the election of directors of the Company, (ii) a merger,
consolidation, or other business combination of the Company with or into
another Person is consummated, or all or substantially all of the assets of the
Company are acquired by another Person, as a result of which the stockholders
of the Company immediately prior to the consummation of such transaction own,
immediately after consummation of such transaction equity securities possessing
less than 50% of the voting power of the surviving or acquiring Person (or any
Person in control of the surviving or acquiring Person, the equity securities
of which are issued or transferred in such transaction), (iii) as the result of
or in connection with any tender or exchange offer, any contested election of
directors or any combination thereof, the persons who were directors of the
Company immediately before such tender or exchange offer, contested election or
combination thereof cease to constitute a majority of the Board of Directors of
the Company or any successor to the Company, (iv) the stockholders of the
Company approve a plan of complete liquidation, dissolution or winding up of
the Company or an agreement for the sale or other disposition of all or
substantially all of the assets of the Company or (v) the adoption of a
resolution by the affirmative vote of not less than two-thirds of the members
of the Board of Directors who were members immediately prior to any Change in
Control which resolution shall state that, in the good faith determination of
the Board of Directors, a Change in Control of the Company has occurred.
Notwithstanding anything to the contrary set forth in this definition, if a
transaction that would otherwise create or result in a Change in Control of the
Company is approved by the affirmative vote of not less than two-thirds of the
members of the Board of Directors of the Company, who were members of the Board
of Directors immediately prior to any Change in Control, then no Change of
Control of the Company shall be deemed to have occurred for the purposes of
this agreement.