Spurling was suspended in March after it was discovered that Sandcity, which operates the O'Neill stores and brand in the UK, had overstated its performance by £2 million.
Blacks Leisure said that Spurling had been dismissed following an investigation into the discrepancies. However a spokesman said that there was no suggestion of criminal activity or that any cash had gone missing from the business.
Blacks Leisure has merged its Sandcity company with its other boardsports operation Freespirit, at its Northampton head office and warehouse.
The group also said that deputy chief executive and finance director Keith Fleming had resigned to take up a role with a private equity-backed company. He will be replaced by Marc Lombardo, who is currently group financial planning director at Greene King.
Sales at Blacks Leisure fell by 0.4% to £294.4 million, while pre-tax profits rose marginally from £0.1m to £0.3m for the year to March 1.