ASX company boss finally exits after 98% wiped off share price

Everyone has used or swung from this company's iconic product, but its shareholders have had a miserable time the past 16 years.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

After a calamitous 16-year reign, the chair of iconic Australian brand Hills Ltd (ASX: HIL) has announced her retirement.

Jennifer Hill-Ling, whose family founded the company in 1948, stepped down as chair immediately on Thursday and will leave the board altogether "later in the year".

Former chief of Pro Medicus Limited (ASX: PME), David Chambers, will take over in leading the board. He's also the current chair of Mach7 Technologies Ltd (ASX: M7T).

Hill-Ling's great uncle Lance Hill invented the famous Hills Hoist rotary clothesline in 1945. Her grandfather Harold Ling joined his brother-in-law to start mass manufacturing the product that would become a staple of Australian backyards.

Both co-founders had stints as chair, before Hill-Ling's father Robert Hill-Ling took over. Jennifer took the reins in late 2005.

Unfortunately, her tenure has not been successful for shareholders, as a series of business decisions took the Hills share price from a high of $6.72 in August 2007 to just 14 cents after market close on Thursday.

That's a painful 98% loss.

Washing on a Hills Hoist

Image source: Getty Images

Hills doesn't make clothes lines anymore

The Adelaide company sold off the rights to the clothes hoists a few years ago and is now involved in sectors that are far removed from its original product.

"It has been a great privilege and honour to serve as a director of Hills and, for the past 16 years, as its chairman," said Hill-Ling.

"During this time, Hills has established a leading healthcare business providing nurse call and patient engagement solutions that is well positioned to expand further within the health technology sector."

On behalf of her family, she endorsed the new chair Chambers, his board and their plans for the business.

"I am confident that Hills is well-placed to continue to grow its businesses," she said.

"They have and will continue to have the support of the Hill-Ling family as they implement the company's growth initiatives."

The Hills share price has lifted 3.57% this morning and is trading at 14.5 cents at the time of writing.

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended MACH7 FPO and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended MACH7 FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on ASX Share Market News

Two scientists analysing results on a computer screen.
Healthcare Shares

3 ASX healthcare shares to buy with 25% to 100% upside as sector rebound races higher

After slumping to a 9-year low on 3 June, healthcare shares have rallied by an extraordinary 42%.

Read more »

Man looking at graph decreasing and feeling disappointment.
ASX Share Market News

The ASX 200 has dropped to a 3-day low. Here's what's happening

The market is back below 9,000 points as pressure builds.

Read more »

A baby's eyes open wide in surprise as it sucks on a milk bottle.
Broker Notes

How high could Bubs Australia shares go, according to Bell Potter?

A key approval is expected to boost the Bubs share price.

Read more »

a woman in a business suit looks wide eyed and interested as she holds a tin can with string to hear ear listening to some news.
Broker Notes

UBS names its 10 top ASX picks for the next 3-6 months

Here are the 10 ASX shares UBS thinks could outperform.

Read more »

A young man clasps his hand to his head with a pained expression on his face and a laptop in front of him.
Share Fallers

What are the most shorted ASX shares on the market right now?

Two names, two opposite bear cases.

Read more »

Happy teen friends jumping in front of a wall.
Broker Notes

Guess which ASX stock could rise 85%

Bell Potter sees significant upside from this stock.

Read more »

Buy the dip written on a yellow sign.
Broker Notes

Down 43%! 4 reasons to buy the BIG dip in Pro Medicus shares today

A leading expert believes Pro Medicus shares are well-place to rebound.

Read more »

Man and woman sitting at table with the man looking a bit puzzled at his laptop.
ASX Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the local market today.

Read more »