Healthia Limited (ASX: HLA) is an ASX listed healthcare company based in Queensland, Australia. The company aims to deliver world-class health services to enrich the lives of people. The company has a portfolio of a few healthcare companies including My FootDr - leading podiatry group, Allsports Physiotherapy – provides high standards of physiotherapy, Extend Rehabilitation – which is dedicated to caring for the hand and upper arm etc.
On 29th April 2019, the company has announced some of the major changes in the top-level management. Since its listing on ASX, the company has been operating through two CEOs Mr Darren Stewart (CEO Podiatry) and Mr Anthony Ganter (CEO Physiotherapy). Although this structure was providing effective divisional level control, the company had identified the need for one CEO, who will be responsible and accountable for the future direction of the HLA.
The Chairman of the company, Dr Glen Richards announced a few changes as stated below:
- Mr Wesley James Coote will be appointed as the new CEO and Managing Director (MD) for the group. Currently, he is working as the Group’s Chief Financial Officer (CFO).
- Mr Chris Banks will be appointed as the Group CFO and Company Secretary. He is currently designated as the Group’s Chief Commercial Officer.
- Mr Glen Evangelista will be appointed as Group Chief Commercial Officer. He will lead the Company’s dedicated team responsible for the acquisitions and integration of new podiatry and physiotherapy clinics with other objectives.
Mr Darren Stewart and Mr Anthony Ganter will continue to work as the CEO of their respective divisions of the business.
Dr Richards stated that the board conducted an internal review and felt the need for someone to be solely responsible for the entire group’s stakeholders, including the investors. About the new CEO, he said that Mr Coote had played an important role in growing the company from 12 My FootDr podiatry clinics, to 112 clinics over a period of three and a half years. Apart from this, his experience as the Chief Financial Officer of Greencross Limited makes him well seasoned to lead the growth of the company.
Mr Chris Banks has over eight years of corporate finance experience, with accounting firms KPMG and Ernst and Young. He had worked in strategic leadership positions with the Bank of Queensland.
Key Terms of the Executive Agreement of Mr Wesley James Coote
Mr Coote will join the group as MD and CEO from 29th April 2019 with no fixed term. He will be paid annual base fixed remuneration of $225,000 (exclusive of superannuation). He is also eligible for an annual short-term incentive, with an opportunity to earn up to 75% of his annual base fixed remuneration. He will also be awarded an annual long-term incentive under the company’s Rights Plan representing 70% of his annual base fixed remuneration.
The company further announced about the change in one of its director’s interest Mr Wesley James Coote as following:
- Mr Wesley James Coote holds 458,033 ordinary class shares trustee for the WJ Coote Family Trust.
- He holds another 350,000 ordinary class shares through WJ Coote Superfund Pty Ltd.
- ABC Investing Pty Ltd holds 749,731 ordinary class shares of which Mr Coote is a director and shareholder of the trustee.
The market capitalisation for the company is A$57.05 million. The 52-week high and low of the stock is A$1.355 and A$0.88 respectively. The stock closed the session at A$0.94, up by 3.867% from the previous closing of A$0.905 (as on 29th April 2019). In the last six months, the stock has delivered a negative return of 20.61%, and its YTD return stands at -8.5%.
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