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News Update: Medibank Private Limited and Primary Health Care

News Update: Medibank Private Limited and Primary Health Care
Medibank appoints new CEO and Primary Healthcare sells Medical Director for $155 million
Mar 29, 2016 By Ben Khouri Tags: MPL, PRY

Medibank Private Ltd (ASX:MPL) announced today that they have appointed Craig Drummond as Managing Director and CEO, effective on the 4th of July 2016. Primary Health Care Ltd (ASX:PRY) has entered into a binding agreement to sell 100% of its Medical Director business. 

Medibank Appoints New CEO

David Koczkar, Medibank’s current Chief Operating Officer will serve as CEO from the 1st of April, with George Savvides retiring after 14 years as Medibank’s CEO and Managing Director. The appointment of Craig Drummond as Managing Director and CEO is effective on the 4th of July.

Medibank’s Chairman Elizabeth Alexander spoke highly of the appointment: “The board is delighted an executive of Craig’s calibre has agreed to lead Medibank. Craig has an outstanding reputation for his leadership capabilities, strategic thinking and business acumen. He brings with him deep experience in regulated service industries requiring a strong customer base.”

Mr. Drummond has had an illustrious career, particularly within the banking sector. Mr. Drummond has held various roles, including being Group Executive of Finance and Strategy at NAB, CEO of Bank of America Merill Lynch in Australia, along with being CEO of Goldman Sachs in Australia from 2007 to 2009.

Primary Health Care Sells Medical Director for $155 Million

Primary Health Care has entered into a binding agreement with funds advised by Affinity Equity Partners, to sell 100% of its software solutions business Medical Director, for $155million.

Primary’s Managing Director Peter Gregg, spoke positively of the sale, whilst reasserting Primary’s ongoing relationship with the business: “This sale, together with the proceeds from the Barangaroo property, reduces our 31st December 2015 net debt position to approximately $900million. Primary will continue its partnership with Medical Director, as a long term customer utilising its existing products and services. Importantly, Primary has also secured in principle agreement with Medical Director for the development of, and access to, next generation clinical and practice management software solutions.” 

As at 11.00 AM (AEDT), MPL and PRY are both down approximately 0.50%, to $2.82 and $3.78 respectively.

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Ben Khouri Author: Ben Khouri Mar 29, 2016

Ben Khouri is a financial editor for Wise-Owl with a particular focus on the top ASX 300 companies. Having a vast background in economics and finance, Ben provides financial commentary & analysis as well as global market updates, which guide investors in devising investment strategies. Ben specialises in analysing economic data and global events from around the world and examines the impacts they have on the major equity markets.

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