Neil Balnaves steps down as chairman of Ardent Leisure
Entertainment group Ardent Leisure has announced that Neil Balnaves will depart after a 13-year ride as chairman.
Entertainment group Ardent Leisure has announced the departure of chairman Neil Balnaves after 13 years in the primary board seat.
Mr Balnaves will step aside on November 6, with current non-executive director George Vernardos named as his replacement.
“With the appointment of Deborah Thomas as chief executive in 2015 and the conclusion of our strategic review, which involved the decision to sell both health clubs and marina divisions, I am now confident the group has a clear strategy for growth and a mandate to execute on that strategy from our investors,” the outgoing chairman said.
The departure comes after a tumultuous year for the group (AAD), with the group’s share price trading in a wide range from $1.71 to $2.97.
More recently investors have been impressed by steady earnings growth at Ardent, although news of Mr Balnaves’ departure has been met with caution by traders.
At 10.05am (AEDT), Ardent shares traded down 2.7 per cent at $2.55.
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