Ardent Leisure, the Australia-based leisure and entertainment group, has announced the retirement of Neil Balnaves, Officer of the Order of Australia, from office as chairman and non‐executive director, effective November 6, 2016.
Balnaves has served as chairman of the board since his appointment to office on April 28, 2003. He will be replaced by George Venardos, who is currently a non‐executive director and was appointed to the board on September 22, 2009.
Ardent Leisure owns and operates leisure assets including Dreamworld, WhiteWater World and SkyPoint theme parks and attractions, AMF and Kingpin Bowling, d’Albora Marinas, Goodlife Health Clubs and HYPOXI as well as Main Event, which is a growing portfolio of FECs in the US.
Balnaves said: “The last 13 years at Ardent Leisure has seen significant growth with the market capitalisation of the Group rising from AUS$106m in 2003 to over $1.2bn today and also structural change with the internalisation of the manager in 2009 and the more recent reset of the company as a global entertainment business.
“With the appointment of Deborah Thomas as chief executive officer in 2015 and the conclusion of our strategic review, which involved the decision to sell both the health clubs and marina divisions, I am now confident that the group has a clear strategy for growth and a mandate to execute on that strategy from our investors. The appointment of George Venardos as my successor as chairman will ensure that the board remains focused on maximising value for shareholders.”
Venardos said: “On behalf of the board of directors, I would like to acknowledge Neil’s outstanding contribution, leadership, integrity and vision throughout his 13‐year tenure as chairman. Neil’s sponsorship and support of the recent strategic review has been instrumental in repositioning the group as Australia’s leading international entertainment business.”
