The Oceania Healthcare Ltd (ASX: OCA) share price has risen slightly today after the New Zealand healthcare provider appointed former CFO, Brent Sutton, as its new CEO effective immediately.
Sutton only joined Oceania in January 2020 but previously worked with the company during its IPO in 2017. Sutton is a former investment banker and qualified chartered accountant and has led mergers, acquisitions, takeovers and capital market transactions.
Oceania Chair, Liz Coutts, said that Sutton has already had a major impact on the company.
“Brent has made a significant contribution to both the strategic direction and the performance of Oceania Healthcare over the last 15 months in his role as Chief Financial Officer. He has the full trust of the board and the executive leadership team, and has built a strong relationship with the investment community,” she said.
Oceania share price grows after COVID downturn, CEO poaching
Sutton’s appointment came after former Oceania CEO Earl Gasparich was poached by rival retirement village provider Metlifecare Limited this month.
Sutton said he was aiming to transform New Zealand’s retirement sector, Oceania caters for approximately 3,500 residents across the country.
“I have been privileged to be part of the success of the company and am very excited to have the opportunity to lead our highly skilled team into the next stage of growth.
“I am passionate about transforming the retirement and aged care experience in New Zealand, putting our residents at the heart of all that we do.”
The Oceania share price has been a reasonably steady grower over the past five years excluding a swift downturn at the height of the COVID-19 pandemic in March 2020.
In the past 12 months, Oceania shares have risen from a low of 51 cents to $1.41 today.
The Oceania share price was up 0.71% after the announcement and has risen more than 90% year-to-date. The company is listed on the ASX and New Zealand’s NZX, with a market capitalisation of AU$853 million.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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