Ryman Healthcare Australia CEO Cameron Holland has opted to leave the NZ publicly listed group as it implements a comprehensive management restructure.
He joined the group in April 2021. Ryman Healthcare has had a horror two years with an $855 million long term debt crisis in 2021-22 followed by over commitment in its NZ development program.
In FY23, Ryman’s Australian business was more profitable than its NZ home base.
We understand Cameron was offered an alternative role within the group but he has declined the offer.
The announcement was made to the New Zealand Stock Exchange today when the continuum of care operator also said it was also lifting the Deferred Management Fee (DMF) by 10% to 30%.
Executive Chair Dean Hamilton said that over time, the company has grown non-village staff numbers and costs at a much faster pace than village resident numbers and he was implementing a new structure.
“Unfortunately, this change sees the roles of Chief Executive Officer - New Zealand, Chief Executive Officer - Australia and General Counsel and Company Secretary discontinued in this new structure. On behalf of the Board, I’d like to thank the three departing Senior Executives for their contribution to Ryman and wish them all the very best.”
Cam opened Ryman's ninth retirement village in Mulgrave, 21km southeast of Melbourne’s CBD, last week. He was also chair of the Retirement Living Council's Care and Support Services sub-committee.
New DMF price
Currently, people moving into Ryman villages pay for an Occupation Rights Agreement (ORA) and a weekly fee fixed for life.
From October, new buyers will have the choice of either a DMF of 30%, or a lower DMF of 25%, if they pay a higher entry price.
New residents from October can either pay a higher fixed weekly fee or weekly fees which start lower but rise each year based on increases in Australia's consumer price index.
“The general population is living longer, our residents are staying longer and costs have increased across the board,” said Ryman Executive Chairperson Dean Hamilton.
“As a result, we are increasing our DMF and weekly fees for new residents to ensure we can sustainably provide the facilities and services that underpin the great experience that our residents enjoy today.”
