Looks like a reasonable change, and positive for Ardent, especially in the US. Very fortuitous for Weiss that Trump is pursuing tax reform just at this point.
Below is an informative article on the topic from the AFR- which paints Venardos exit as self imposed and inevitable:
Gary Weiss topples George Venardos as Ardent chairman
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Gary Weiss is now Ardent chairman. Michele Mossop
Gary Weiss has struck another victory over Ardent Leisure chairman George Venardos, replacing the man who fought for months to keep him off the board entirely.
Ardent on Friday named Dr Weiss as chairman and said Mr Venardos, a director for eight years and chairman since last November, had retired from all board involvement with immediate effect.
"I would like to acknowledge the dedication with which George has led the boards through an unprecedented period and thank him for agreeing, in the interests of all security holders, to an orderly transition," Dr Weiss said in a statement.
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Ardent chairman George Venardos. Louise Kennerley
Ardent reversed its previous opposition after receiving shareholder votes that showed a shareholder meeting was likely to support Ariadne's push for Dr Weiss and Mr Richmond to join the company, after a sustained and bitterly fought campaign of criticism about its US expansion strategy and cost structure.
For Mr Venardos, who led the hardline stand against Ariadne, exiting the board was the best option for the company.
"I have made this decision as it will assist in facilitating ongoing unity and harmony at the board level and allow the boards and the management team to focus on executing Ardent's stated strategy," he said. "I wish the boards and Ardent Group's executives and all its staff the best for the future."
In 2013 he was an independent director of ASX-listed Miclyn Express Offshore, a provider of support vessels to the offshore oil industry, and with chairman Neil Hamilton resisted the push by 75 per cent shareholders CHAMP Private Equity and Headland Capital Partners for them to cede control of the Bermuda-based company on terms they felt disadvantaged minorities. They resigned when they felt no longer able to influence the situation.
Dr Weiss, who was originally pushing for four seats on the Ardent board, said he did not intend to alter its current structure, and would support the status quo at the scheduled November 20 annual general meeting.
"I am committed to stabilising the structure and composition of the boards," he said. "I [and Ariadne's associated parties] will therefore support the re-election of David Haslingden, Don Morris and Roger Davis at the forthcoming annual general meeting as well as the appointments of Randy Garfield and Brad Richmond who are required to seek election at that time [in addition to myself].
"On the re-election of each of those directors, I and my associated Interests believe the boards will be of the right size and composition to position the Ardent Group for future success and there should be no need for any further governance changes for the foreseeable future [other than the appointment of another female independent non-executive director in line with the Ardent Group's stated board renewal plan]."
Ardent shares were trading 3¢, or 1.7 per cent, higher after the announcement.
------------------------------------------------------------------------------------------------------------- This post is based on my own research and is not investment advice. When making investment decisions, always DYOR.
AAD Price at posting:
$1.82 Sentiment: Buy Disclosure: Held
