Ryman Healthcare Chair Dean Hamilton will act as Executive Chair with a search for a new Group CEO underway.
Richard Umbers, who was appointed Ryman Healthcare Group CEO in September 2021, resigned on 22 April, effective immediately. He had been Divisional Director of buying at supermarket retailer Kaufland in Germany, after resigning abruptly as CEO and Managing Director of Australian retailer Myer in February 2018.
Ryman Healthcare shares this afternoon dropped down a further five cents to a near 12-year low of NZ$3.85.
In February, the company cut its full year profit forecast to between NZ$265 million and NZ$285 million on disappointing sales and margins.
In December last year, Ryman in announcing its 1H24 results to the NZX said it had put on hold the proposed $200 million Ringwood East Retirement Village, 31km east of Melbourne's CBD. It also said it was selling two New Zealand village land sites, and another proposed village in Auckland, New Zealand, has been put on hold, together with the planned expansion of another village also in Auckland.
Last year, it raised NZ$902 million in a heavily discounted share issue to cover the costs of a large debt load, which also led to a suspension of dividends.
“Ryman continues to set the benchmark for retirement living and quality of care for our residents. However, in terms of returns to shareholders we have fallen considerably short in recent years. I look forward to working with the team, and eventually the new Group CEO, as we focus intently on restoring our financial performance and with that our returns to shareholders,” Dean said.
