Hills chief executive and group managing director Edward (Ted) Pretty has stepped down from his role at Hills and left the distributor, with former COO Grant Logan appointed as chief executive, effective immediate.
Hills says Pretty will receive a termination payment in accordance with his contract.
Jennifer Hill-Ling, Hills chairman, says Pretty 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 business and growing both organically and by acquisition, within Australia and New Zealand.
“After discussing the refined strategy with Ted we have agreed that this is the time for a change in executive leadership.”
Hill-Ling says Pretty leaves the company with a strong balance sheet, simplified business model, ‘and the thanks of the board’.
New chief executive, Logan, has been with Hills for four years as chief operating officer, and Hill-Ling says given his role as COO, he is ‘able to move seamlessly into the role of chief executive officer’.
In April the company advised the ASX that second half earnings would be lower than first half, with a revised guidance for the full year of an NPAT attributable to the owners in the range of $11 million to $14 million.
The company says sales to March in core security, AV, audio and communications businesses were near internal forecasts, continued delays in project starts were anticipated due to lower government spending and deferrals across construction, health and mining becoming more pronounced during April.