Hills chief executive, Ted Pretty, steps down.
Hills group managing director and chief executive Ted Pretty has stepped down to make way for new leadership after four years at the helm.
Current chief operating officer, Grant Logan, will replace Pretty and has been appointed chief executive with immediate effect.
Hills chair, Jennifer Hill-Ling, said Pretty had led Hills through its transformation from a diversified holding company to a technology business focused on security, AV, audio, communications and health.
“The Board has recently reviewed and refined the Company’s strategy and committed to consolidating its existing businesses and growing, both organically and by acquisition, within Australia and New Zealand," she said.
“After discussing the refined strategy with Ted we have agreed that this is the time for a change in executive leadership.
“Ted leaves the Company with a strong balance sheet, a simplified business model and the thanks of the board.”
Pretty said Hills was a great company with a wonderful brand.
"It has significant potential as a leading provider of technology solutions."
Logan joined Hills four years ago as chief financial officer (CFO) and was appointed chief pperating officer in February 2015.
Logan has had a number of executive roles in both Australian public companies as well as global multinationals.
Prior to joining Hills he held the role of chief financial officer at Corporate Express.
Earlier in his career Grant has served as chief financial officer of Goodman Fielder, chief executive officer at Philips Electronics and chief financial officer at Bayer Limited.
Hill-Ling said: “Given his role as COO, Grant is able to move seamlessly into the role of chief executive officer.
"On top of his operational experience, he possesses extensive and proven abilities in negotiating and completing complex financial transactions, particularly mergers and acquisitions," she said.
"Through this experience he has built a broad array of relationships with international and domestic analysts, our key shareholders and other major business influencers that will be essential for Hills future success.
“Grant’s primary focus will be on ensuring the company generates consistent returns for shareholders."
Mr Logan's remuneration details will be released shortly and his appointment will be for an initial term of 12 months.
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Pretty will receive a termination payment in accordance with his contract.
No short or long term incentives will vest or be payable.
While there is no change to the underlying net profit after tax guidance provided on April 27, 2015, there will be changes to the statutory profit, according to a company statement.
These will include non-operating expenses incurred relating to costs associated with completed acquisitions, international acquisition costs (including due diligence costs for acquisitions that will not progress) and costs associated with Mr Pretty’s departure which are in accordance with his contract.
Total net non-operating costs will be approximately $5 million after tax with further detail to be provided at the full year.
