Ramsay shares drop on CEO retirement plan
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More news: Shares in Ramsay Healthcare dropped more than 1.4% to $46.30 after Australia's largest private hospital operator said long-serving CEO Craig McNally will retire in June 2025 and named Woolworths' supermarkets boss Natalie Davis as his successor. Ramsay has been struggling to cut high debt, amid softer earnings and rising expenses.
Woolworths shares were down 0.7% to $34.25. Davis' exit in September is expected to trigger an executive overhaul.
Ramsay Healthcare CEO Craig McNally to retire, Natalie Davis named successor
The news: Ramsay Healthcare says long-serving CEO Craig McNally will retire next year, and has named Woolworths supermarket boss Natalie Davis as his successor.
The numbers: McNally, who joined the company in 1988 and became CEO in 2017, will retire at the end of June 2025. Davis will commence as group CEO-elect on 1 October and become managing director & group CEO of Australia's largest private hospital operator later this year.
The context: Ramsay chair David Thodey said the board had undertaken an intensive and competitive global selection process and made a conscious decision to select a leader who has successfully mastered large-scale business transformation during periods of uncertainty and market disruption. Ramsay has been struggling to cut high debt, with its shares down nearly 12% so far this year as it looks for a recovery in earnings from its hospitals at a time of high labour and interest expenses.
In a separate update, Woolworths said Davis, who joined the group in 2015, will continue in her role until the end of September while it progresses a search for her successor.
The source: ASX
