No longer a Dream job

Role at theme park operator a ‘poisoned chalice’

DREAMWORLD’S parent Ardent Leisure will likely have to bump up the salary and poach a leader from mining or manufacturing as it looks for their third CEO in six months, with many high-calibre leaders likely to see the role as “a poisoned chalice”.

Simon Kelly, a former finance boss at Channel Nine, resigned suddenly yesterday, a fortnight after the first anniversary of the tragedy on the Thunder River Rapids.

He followed previous CEO Deborah Thomas, a former Australian Women’s Weekly editor, who stepped aside as CEO in April and was replaced by Mr Kelly in June.

Janine Walker is Adjunct Professor of the Griffith Business School’s Department of Employment Relations and Human Resources and is also an active recruiter for highlevel health and university positions. Prof Walker said Ardent could benefit by shifting their focus from CEOs with media and finance backgrounds to someone with proven success leading companies where a large proportion of staff are doing operational, task-based work.

He said they would have to put up a $2-3 million base salary to attract someone good enough.

‘They would have had to be in a senior leadership role, it can’t be their first dance, someone with a proven track record and a strong operational background,” he said. “I’d be steering clear of bankers and people from tech start-ups.”

Dreamworld had 1.66 million visitors last financial year, compared to 2.4 million from 2015-16.

The theme park reported visitation slumps of 51.3 per cent for December 2016, 39.6 per cent for January 2017 and 29 per cent for February 2017.

Prof Walker said some leaders could see the job as a “poisoned chalice”, but that it could suit someone who was actively chasing a challenge.

Mr Kelly’s remuneration was structured so he sacrificed $500,000 of his $1.1 million cash salary for restricted securities in the company that were linked to performance and could not be touched for three years. He also had potential incentive arrangements that took his overall potential remuneration to $2.05 million.

He didn’t stay long enough in the position to receive any of the performance-linked payments, and it is unknown whether he will receive termination pay.

Chairman Gary Weiss, the third chairman in a year, yesterday said the board was sorry to see Mr Kelly go. Geoff Richardson, the group’s chief financial officer, will assume the role of interim CEO.