Ryman Healthcare CEO Richard Umbers resigns

The chief executive of retirement village operator Ryman Healthcare has abruptly resigned.

The top-10 listed company said Richard Umbers was leaving the company “in accordance with his contractual terms”.

“Richard has led the company through an unprecedented time during the Covid pandemic, maintaining Ryman’s commitment to outstanding care, at the same time as progressing a number of significant changes,” chairperson Dean Hamilton said.

Hamilton will assume the role of executive chair and become a non-independent director while a permanent replacement is sought.

He said the company’s performance has been below expectations.

“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.”

In February the company cut its full year profit forecast to between $265 million and $285m on disappointing sales and margins.

Last year it raised $902m in a heavily discounted share issue to cover the costs of a large debt load, which also led to a suspension of dividends.

According to the news on Radio New Zealand

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