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Hills CEO Ted Pretty makes swift exit

May 27, 2015
Former Hills CEO Ted Pretty

Former Hills CEO Ted Pretty

Hills Limited has replaced CEO Ted Pretty with the company’s chief operating officer.

Grant Logan will be appointed CEO “with immediate effect”, Hills chairman Jennifer Hill-Ling announced today.

She said the board had “renewed and refined the company’s strategy”.

“After discussing the refined strategy with Ted we have agreed that this is the time for a change in executive leadership,” Hill-Ling said in a statement.

“Ted leaves the company with a strong balance sheet, a simplified business model and the thanks of the board.”

The statement said that “Mr Pretty will receive a termination payment in accordance with his contract”.

Logan joined Hills four years ago as chief financial officer. He was appointed chief operating officer in February this year.

Before joining Hills he was CFO at Goodman Fielder.

“Given his role as chief operating officer, Grant is able to move seamlessly into the role of chief executive officer,” Hill-Ling said.

She said Logan’s “primary focus will be on ensuring the company generates consistent returns for shareholders”.

Grant Logan. Supplied photo

Grant Logan. Supplied photo

In the statement, Pretty said: “Hills is a great company with a wonderful brand and people. It has significant potential as a leading provider of technology solutions.”

Pretty had overseen a comprehensive restructure of the company, closing unprofitable and “non-core” businesses to focus on technology such as security, AV audio, communications and health.

Speaking on the release of the company’s financial results last August, Pretty said the changes he had overseen were designed to focus Hills on businesses that could deliver higher returns.

“We are concentrating on opportunities as an integrated solutions provider in the technology and communications market segments, with a particular but not exclusive focus on security and health care technologies,” he said.

In the 2014 financial year Hills completed the sale of Orrcon and Fielders to BlueScope, the sale of UHS Systems to UTC, and Opticomm to a Hills joint venture partner.

Acquisitions by the group during the financial year included Merlon (nurse call), HTR (patient entertainment), Questek (nurse call), Open Platform Systems (security), Intek (security) and APG (audio products).

Hills sold various company-owned properties during the year using the proceeds to retire debt, make new acquisitions and to buy back Hills shares.

However, Pretty indicated back then that the board was not entirely happy with the market’s view of the iconic South Australian company.

“The Hills board is of the opinion that the current price for the company’s shares does not necessarily reflect the underlying value of our assets, our business capability and our strong capital position,” Pretty said.

– InDaily

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