eKourier Jan 2020

FEATURE

LOCKED UP SINCE 1983

‘

IT IS DIFFICULT TO ARTICULATE HOW VALUABLE HK HAS BEEN TO KSS SINCE STARTING WITH MY DAD IN 1983. THERE HAS BEEN AN UNWAVERING LOYALTY AND SUPPORT

truly transformative. HK believed that this massive takeover was good for KSS and the Team would also successfully execute the integration. There have been some important finance negotiations with banks which HK has supported, particularly when we left CBA for Westpac in 2001. Then for the acquisition in 2004, and again in 2008. Plus the most recent finance arrangements of 2014. Since my dad passed away in 2012, HK has informally played a role to assist with consideration of many acquisitions. This has been a quiet yet valuable aid for me. I am delighted that HK will remain on the Board for the immediate future. HK has always been here. This will be the end of an era for KSS and for me, but as we know he is energetic and has much more life in him. He is obviously enthusiastic and excited by the idea of having more time and plans to use it well. His wife, Veronica, has a long list of travel destinations on the list and he is an avid and adventurous bushwalker. It is indeed a brand new and exciting chapter for HK. ‘

Sam Kennard with HK Tung outside KSS THQ Macquarie Park.

After 36 years working in the business, HK has decided to start a new chapter.

moments for the business where he has been involved. Here are just a few reflections. HK’s analysis and assessment of our potential acquisition of Artarmon (Pacific Hwy) in 1992, was instru- mental in my decision to take the plunge. Many people do not realise that Artarmon was a game changer for KSS. After the turn-around of this distressed business, KSS was a considerably stronger business. He was openly delighted to see my elevation to run the business in 1994 and was genuinely interested to see me succeed. In 1998, he was strongly encouraging me to grow the business interstate, particularly in Melbourne. This stretch made us further develop our operating model and systems. In 2004, HK was a strong advocate and internal backer of the pursuit to successfully acquire Millers Self Storage in the $220 million deal. This was easily the biggest game-changer that KSS has ever made and was

He will be gradually stepping down, before retiring in the next year or two. At this time, he will reduce his work week. Though he is not quite leaving yet, it is a good time to acknowledge him and his incredible contribution. It is difficult to articulate how valuable HK has been to KSS since starting with my dad in 1983. There has been an unwavering loyalty and support; and a genuine commitment to see KSS flourish. He has been a valuable resource and ally to both my dad and also to me in our endeavours, challenges and opportunities. He has provided sage counsel, with a good mix of encouragement and caution for everything that we have taken on. It is indeed rare for a company to enjoy someone like HK in the Team. Over many years, HK has played key, albeit understated, roles in many of our big and also risky decisions. Whether it is his analysis or his unique and valuable insights, his contribution has been crucial.

Over the years, there have been many gems from HK. Many pivotal

Sam Kennard Chief Executive Officer

4 Kennards Kourier Jan 2020