By Ian Neubauer
Hedley Leisure and Gaming Fund (HLG) has appointed Peter Armstrong to the position of CEO to replace outgoing CEO and founder, Queensland pub baron Tom Hedley.
HLG chairman Colin Henson announced yesterday (January 20) that Armstrong, who was appointed to the position of chief operating officer in November last year, has been promoted in recognition of the contributions he has made since joining the beleaguered company.
“Peter Armstrong has significant business experience and [a] successful track record in senior management, hotel management, business acquisitions, property development and general business management,” Henson said.
“His most recent position prior to HLG was as general manager [for] hotels of the Coles Liquor Group Division. In that position he was responsible for the acquisition, integration and business growth of more than 75 pubs and over 200 retail stores.”
Hedley, who fell on his sword following a disastrous year that saw the company’s share value nosedive as a result of credit crunch, the effect of smoking bans on gaming revenue, over-capitalisation and other interrelated factors, will remain a non-executive director of HLG.
HLG shares were trading for 45 cents at 4:00pm today (February 21) compared to 56 cents seven days ago.