RetireAustralia's CEO Tim Russell to resign after Infratil, NZ Super acquistion
Tim Russell will leave the company at the end of May.
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Tim Russell, the chief executive of RetireAustralia, has resigned after the Australian retirement village operator was bought by Infratil and the New Zealand Superannuation Fund last December.
Russell will leave the company at the end of May, but will continue assist the board and management for another six months to help with the transition process, Infratil and the NZ Super Fund said in a joint statement. Chief financial officer Mark Taylor is acting CEO while the search for a new head is undertaken.
"The RetireAustralia board and shareholders are grateful to Tim for the quality of the business and the team, and the comprehensive transition of the company into new ownership since the acquisition on 31 December 2014," Infratil said.
The Wellington-based infrastructure investor and New Zealand pension fund bought RetireAustralia in December for A$640.2 million in a bid to latch on to an ageing demographic and under-utilised sector across the Tasman.
The Australian retirement village operator reported underlying earnings before interest and tax of A$34.3 million in the year ended June 30, and is forecast to report underlying Ebit of A$35 million to $40 million in 2015, giving the deal an earnings multiple of 18.6 times.
Shares of Infratil were unchanged at $3.14 today.
(BusinessDesk)
Paul McBeth
Wed, 06 May 2015
Wed, 06 May 2015
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RetireAustralia's CEO Tim Russell to resign after Infratil, NZ Super acquistion
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