Turnovers cost Ardent

FINANCIAL reports lodged by the parent company of Dreamworld have revealed it dished out more than $1.8 million in termination payouts to executives who left the company – including former Dreamworld CEO Craig Davidson.

All but one of the six departing executives also received hefty salaries for the time worked in the 2017-18 financial year, with their total payments coming to $3 million.

Mr Davidson was paid $611,654 last year, including $177,000 termination pay.

Former Ardent Leisure Group CEO Simon Kelly, who resigned suddenly 10 months into the job, pocketed $880,075 for his trouble, including a $300,000 termination payout.

Mr Kelly, the former Nine Entertainment finance boss, replaced Deborah Thomas as CEO, who left in July 2017 but was paid a full year’s salary in lieu of notice, taking $731,291 in 2017-18.

Outgoing chief financial officer Richard Johnson, who last year earned $977,309 from Ardent, was paid a more modest $337,273, including a termination pay of $246,998.

Nicole Noye, who left her role as head of the company’s Bowling and Entertainment division in October, returned to the company as acting CEO of the theme parks division in June. Ms Noye was paid $434,998 including a termination pay of $17,958.

Ardent Leisure posted an eye-watering $88.6 million loss for the past financial year – $26 million higher than last year’s $62.6 million cruelling.

The company’s theme parks division, consisting of Dreamworld, WhiteWater World and SkyPoint, was the major driver of the results, with that division alone recording a loss in earnings of $91.1 million.

Ardent Leisure has undergone major changes in its executive in the past two years, with chairman Gary Weiss saying he believed it had returned to stability.

“We have only one senior executive role to be filled – and that’s the head of theme parks, in which Nicole (Noye) is currently acting while we undertake a global search for a replacement,” he said.

“Once that position is filled, I think we have an executive structure that’s exactly appropriate to the needs and requirements of Ardent for the foreseeable future.”

Ardent’s share price had risen 2.528 per cent to $1.825 at 1pm yesterday.

I THINK IT HAS STABILISED. WE HAVE ONLY ONE SENIOR EXECUTIVE ROLE TO BE FILLED — AND THAT’S THE HEAD OF THEME PARKS.

ARDENT TO INVEST $30M IN DREAMWORLD, P28-29