In a public announcement Monday morning ASX-listed Estia Health Ltd (ASX: EHE) revealed Ian Thorley, currently the group’s Deputy CEO and COO, would take the reigns as group CEO when Norah Barlow steps down in November.
“Estia has gone from strength to strength under Norah’s leadership,” Chairman Gary Weiss said. “She took
the helm at a challenging time for the company and implemented a number of significant operational changes that have been in many ways transformative.”
Estia Health shares traded as high as $7.33 in 2015 before investors were spooked by concerns about the sustainability of funding of its retirement villages, which led to an enduring sell-off. Shares in Estia Health have lingered below $4 since, and currently trade at $3.19, according to Google Finance.
Barlow took the helm of Estia in October 2016 and navigated the company through a capital raising, slowly steering the company to improved operational performance.
“I have always maintained there were a number of significant changes that needed to be made to put the company in a much better position for future growth, and I feel I have achieved what I set out to do,” Barlow said. “Estia is very fortunate to have such a natural and obvious successor in Ian.”
When Thorley takes up the role, Opal Aged Care’s Sean Bilton will take on the role of Deputy CEO and COO.
Estia plans to release its 2018 financial results on Augst 16th, 2018.
