5 Nov 2014

Hills Rumor: Top Level Departure

Rumors emerged tonight of a VERY high level departure at Hills Limited, fresh on the news that Ken Dwyer left Audio Products Group (APG) last month.

The latest departee is very close to the top. An email from Hills CEO Ted Pretty to staff this afternoon advised of the news. If correct, this can only increase pressure on the group. The share price is currently tanking, presumably in response to the AGM last week.

Hills operated Audio Telex Communications very effectively as Hills SVL until a change of CEO. The new CEO moved to restructure the group, and in doing so made heavy cuts to staff and budgets at SVL, which drained morale and led to customer dissatisfaction.

On July 1 Hills acquired APG and pledged it would continue to operate as it had. Three months later, APG CEO Ken Dwyer did not have his contract renewed and left.

Currently Hills has a range of conflicting brands within its former SVL entity, and APG.

More as it comes to hand.


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