Hills have a shocker - Fielders start afresh!
How do you start a review on a day that saw Hills shares take a nose dive on the back of Q3 results that would shake any company in todays market. What happened? Well from the comments of Ted Pretty today it seems that the manufacturing sectors and building products have seen some large downturns in turnover and margins, Ted stated in the ASX release today:
We will accelerate our program to drive out costs across our manufacturing businessesThe onus now is on the Board of directors and the senior management team to reverse this trend and quickly. So lets look at the board and senior management in order of their time at Hills Industries.
Board of Directors:
- Jennifer Helen Hill-Ling LLB, FAICD Chairman, Appointed Director in August 1985. Appointed Deputy Chairman in June 2004. Appointed Chairman 28 October 2005.
- Edward (Ted) Pretty BA LLB (Hons) Managing Director, Appointed as Group Managing Director and Chief Executive Officer 3 September 2012.
Jennifer Helen Hill-Ling should face the shareholders meeting AGM also and explain this current mess - to much downturn over an extremely long period of time has to be accounted for. Jennifer, with approximately 12% indirect and direct share owernship of Hills has to show the importance of saving this 50 year history of Hills on the ASX. (Declaration - The Roofer does own shares in Hills).
|Jennifer Helen Hill-Ling - in a corner today also!|
The other two have been directors only for 9 years. The shareholders meeting will be coming up and Mr. Ted Pretty has to face the music - but in theory why did not he know of this (Q3) third quarter downturn? He's just lost a mint on his own personnel share holding of Hills he recently purchased. Now look at Hills performance over the last 5 years:
|5 Year ASX performance.|
|3 Month Hills performance.|
Meet the new Fielders CEO on video here:
The new Fielders CEO has been announced and Mr. Chris Stathy:
Fielders are proud to announce the appointment of Chris Stathy, OAM into the role of CEO Fielders Australia, effective 1 December 2012. This follows Keith Middleton’s recent resignation.Chris is a highly respected and experienced executive manager and company director with a proven track record in national and global markets across various industry sectors. Chris joins us from Philmac Pty Ltd, where he has held the position of Chief Executive Officer since 2003. Under his leadership Philmac expanded both in Australia and overseas.Chris is a Board member and former Chairman of the Water Industry Alliance in South Australia, a Director of the Plastics Industry Pipe Association of Australia Limited and a past member of the South Australian Manufacturing Consultative Council. He is also a past President of the Engineering Employers Association of SA and was a key driver in bringing about the merger of EEASA with the Australian Industry Group, of which he is a State Councillor and a member of the National Executive. He is also a Fellow of the Australian Institute of Company Directors, the National Institute of Accountants and the Australian Marketing Institute, awarded the Medal of the Order of Australia (OAM) for his services to the industry in the 2012 honours list.Please join us in welcoming Chris to his new role and to the Senior Leadership Team at Fielders.
I thought I'd let all the Fielders employees look at Chris during a earlier interview regarding self improvement as it will take some time before he has the opportunity to greet all the Fielders staff.
Welcome to the world of rollforming Chris.
On another note the following occurred on the ASX today:
BlueScope up 2.00% to 51 cents.
Fletcher Building up 1.54% to $5.95