Weiss up to big job
GARY Weiss has undertaken some of the country’s biggest ever corporate turnarounds – yet even he sees Ardent Leisure as a challenge.
“Obviously there are plenty of challenges here but we think, by executing on the fundamentals, attracting the right people, the right skill base, incentivising people appropriately and frankly rebuilding a strong team, that the ingredients are there for a successful turnaround,” he said.
Dr Weiss was formally elected as chairman after some questions over whether the number of directorships he held would affect his ability to reverse the fortunes of Ardent which owns and operates the Dreamworld theme park on the Gold Coast.
He remains chairman of stockfeed producer Ridley Corporation and listed agedcare provider Estia Health and is also executive director of investment group Ariadne Australia, a non-executive director of Premier Investments, Pro-Pac Packaging and The Straits Trading Company.
Dr Weiss is also an Australian Rugby League Commissioner.
“I’ve announced that I’ve stepped down from three public companies already,” he said after yesterday’s annual meeting in Sydney. “That doesn’t seem to satisfy some parties, but I’m very happy and content with my ability to fulfil responsibilities.”
Dr Weiss said his 30-year career of corporate turnarounds made him a highlyqualified chairman and that he would not take director payments for a year.
“Together with my partner Kevin Seymour and others, we’ve invested nearly $100 million of market value in Ardent securities because we believe there is a better future for the group ahead of us and I am determined to bring my experience and skills, hopefully for the benefit of Ardent, and to oversee the delivery of results, for the group far better than has been the case over the last couple of years,” he said.
Dr Weiss and his fellow investors hold just under 11 per cent of Ardent’s shares.