Ann: Appointment of new Chief Executive Officer, page-4

The spin when Pretty was appointed to CEO:

""Mr Pretty is an experienced executive with a strong record in strategic, financial and operational leadership," Ms Hill-Ling said. "He (Mr Pretty) shares our confidence that Hills has a real opportunity for rapid growth in our electronics and communications division and that there is significant potential to fulfil in our lifestyle and sustainability division. While he has worked in some of Australia's largest companies, he also has a strong understanding of the drivers of success in smaller businesses," she added."

and today:

"Hills Limited (ASX:HIL) announced today that the Board of the Company and Group Managing Director and CEO, Mr Edward (Ted) Pretty have reached agreement that Mr Pretty will leave the company and Mr Grant Logan, the current Hills Chief Operating Officer, will be appointed CEO with immediate effect."

The most import wording is "with immediate effect", corporate spin for being show the door?

But the best part of todays announcement is:

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

Simplified business model - you bet -they don't have one left!!

In Pretty's (relatively) short time at HIL we have seen their share price halve, and some $134mio of shareholder value wiped out. Brilliant effort!!!