NMC Health Plc NMC Health promotes Prasanth Manghat to CEO (8338Y)
March 08 2017 - 3:00AM
UK Regulatory
TIDMNMC
RNS Number : 8338Y
NMC Health Plc
08 March 2017
NMC Health plc promotes Prasanth Manghat to CEO
-- Promotion made following recommendation of NMC founder Dr. B.R. Shetty
-- Smooth leadership transition will ensure continuation of successful business strategy
-- Out-going CEO and founder, Dr. BR Shetty to take up joint Non-Executive Chairmanship
London, 8 March 2017 - NMC Health plc (LSE:NMC), the leading
integrated healthcare provider operating across the United Arab
Emirates (the "UAE"), announces the appointment of current Deputy
CEO and Executive Director, Mr. Prasanth Manghat, to CEO, effective
8 March 2017.
Mr Manghat, who has been an integral part of NMC Health for over
12 years and involved in all strategic execution and financial
oversight of the business since listing on the London Stock
Exchange (LSE), replaces outgoing founder, CEO and Executive
Vice-Chairman, Dr. B.R. Shetty. Dr Shetty will take up a role as
joint Non-Executive Chairman of NMC Health alongside current
Chairman, Mr. H J Mark Tompkins, with immediate effect. The
promotion of Mr Manghat was made following the recommendation of
Dr. B.R. Shetty.
Under Dr. B.R. Shetty's leadership, NMC has grown from being a
small pharmacy and diagnostic clinic in 1975, into has an
international network of hospitals in the UAE and Europe comprising
thirty healthcare facilities across six countries, caring for 11
thousand patients every day, and employing over 1,200 doctors.
Commenting on his appointment as the new CEO of NMC Heath,
Prasanth Manghat, said: "I am honoured and excited to be appointed
as the new CEO of NMC Health. I have had the privilege of working
very closely with Dr. Shetty for a number of years in relation to
the planning and execution of strategy across all NMC's divisions.
Dr. Shetty's mentorship and guidance has fully prepared me for this
new role and will ensure that there is a strong level of business
continuity in place that will result in a continuity of strategy,
which the business has been diligently executing since 2015."
Out-going CEO and new joint Non-Executive Chairman of NMC
Health, Dr. B.R. Shetty, commented: "Prasanth is a brilliant
colleague and has been a trusted member of the NMC Health team for
over a decade. I am personally delighted to be handing over the
reins to such an outstanding leader. NMC finds itself in a strong
place and I felt this was the right time for me to step back from
my day-to-day responsibilities in the company I founded over four
decades ago. This change will allow me to focus on the strategic
development of NMC and my other global business interests. I have
no doubt that Prasanth is the best man to take the business
forward."
Current Independent Non-Executive Chairman, Mr. H J Mark
Tompkins, added: "Prasanth is the obvious successor to Dr. Shetty,
he has contributed significantly to the strategy that was launched
in 2015 and is well known by the industry and investment community.
I have every confidence that NMC will continue to thrive under his
leadership. I also welcome the appointment of Dr. Shetty to the
role of joint Non-Executive Chairman of NMC Health. This role is a
natural progression for him and I speak for the entire Board of
Directors in welcoming his appointment. We believe that his wealth
of experience, his deep knowledge of the business and his
unrivalled contacts in the sector built over forty years will be
extremely valuable to us as we continue to grow the business and
deliver shareholder value."
-Ends-
About NMC Health
The NMC group (the "Group") is the leading private sector
healthcare operator in the United Arab Emirates (the "UAE"), with a
nation-wide network of hospitals and operations in the country
since 1975. The Group currently operates or manages eight
hospitals, two day-care patient centres, nine medical centres and
fifteen pharmacies. In addition, the Group owns and operates
Clinica Eugin in Barcelona, Spain - one of the leading fertility
treatment centres globally. NMC also owns a 51 per cent.
shareholding in Fakih IVF Group, the Middle East market leader for
in-vitro fertilisation ("IVF") services. Moreover, NMC also owns
and operates Americare Group, the leading home care provider in the
UAE as well as ProVita, the pioneering provider of long-term
medical care, also in the UAE. The enlarged company received almost
4.3 million patients in 2016. The Group is also a leading UAE
supplier of products and consumables across several key market
segments, with the major contribution coming from healthcare
related products. The Group reported revenues of US$1,220.8 million
for the year ended 31 December 2016.
In April 2012 NMC was listed on the Premium Segment of the
London Stock Exchange. NMC is a constituent of the FTSE 250
Index.
Contacts
Investors
NMC Health
Prasanth Manghat, Chief Executive Officer +971 50 522 5648
Suresh Krishnamoorthy, Chief Financial
Officer +971 50 591 5365
Roy Cherry, Head of Strategy and Investor
Relations +971 50 667 0184
Media
FTI Consulting, London
Matthew Cole +44 (0)20 3727 1101
FTI Consulting, Gulf
Shane Dolan +971 (0)4 437 2100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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