GEORGE SAVVIDES TO RETIRE FROM MEDIBANK
The Medibank Board have announced that George Savvides will retire from Medibank in March 2016. Mr Savvides will remain in his current position until then to allow sufficient time for Medibank to appoint a successor and ensure a smooth transition.
Medibank’s Chairman, Elizabeth Alexander AM, said: "George has had a remarkable career with Medibank, steering the company through many years of government ownership, culminating in last year's IPO and the first year as a listed company in which the prospectus earnings forecast was comfortably exceeded. He will be leaving the company with a strong balance sheet, a very capable and focussed executive team and strong momentum in the business.”
Reflecting on his time at Medibank, Mr Savvides said, "I have counted it an absolute privilege to have been given the opportunity to lead the nation's largest health insurer for more than a third of its history. During this time I have seen three scoping studies conducted by the the Australian Government to determine valuation for a possible privatisation, the conversion to "for profit" in 2010, the development of a health company capability within the organisation through a series of acquisitions and finally the listing of the company on the ASX in 2014.
"The investment bankers confirmed the Medibank IPO was the second largest in Australia's history and the third largest IPO in the world last year. When I presided over the first Medibank scoping study in 2003 the company was valued at less than $800m. The IPO valuation at the ASX listing last year realized for the Australian Government $5.6Bill. Today the company is valued at $6.9 Bill.
"I genuinely believe that it is the right time give notice of my intention to leave in March and give a new generation of leaders the opportunity to build on the strong platform we have at Medibank. The direction and strategy is now set, the transformation from payer to player , form insurance to health assurance is well advanced.
I am excited about the future. "
iFHP CEO Tom Sackville commented “George will be a huge loss to the Federation, and to me personally. When he first took over at Medibank, with the business in troubled circumstances, he made a commitment to be part of the IFHP which he honoured over the intervening years beyond all expectation. He has enthusiastically supported our events and initiatives, latterly serving as Vice President of the Council – in addition to leading a large charitable organisation. His greatest achievement has been to steer Medibank through the political minefield called Australian healthcare, delivering the second largest IPO on the ASX in recent times, followed by a very significant return to investors. We at iFHP and the whole industry will miss him.”