Metlifecare CEO follows chairman out the door

Wednesday 6th May 2009

Richard de Haast, chief executive of rest home operator Metlifecare, announced his resignation today after former chairman Jim McLay vacated his position earlier this week.

De Haast said his resignation would be effective from the end of July, and that he was confident the company would continue to be a “market leader.” McLay finished his term yesterday to take up his appointment as New Zealand’s permanent representative to the United Nations, and was replaced by Charles MacDonald, the chief executive of Retirement Villages Group, the majority shareholder in Metlifecare.

Under de Haast’s leadership “the company has grown significantly and has firmly established itself as one of New Zealand's premier retirement lifestyle village operators,” MacDonald said in a statement. “The strategy and the team in place will ensure the continuing success of Metlifecare.”

The company announced an interim loss of $61.9 million in February after it wrote down the value of its investment properties by $55.3 million.

The stock trades infrequently and was last traded at $2.09 on April 22. It has slumped 50% in the past year.

In March, the retirement home operator announced the first stage of its Takapuna development will be completed ahead of schedule in June this year, with the second stage due to for completion mid-2010. The same month, the company announced it had reached an agreement with its bank to extend its loan facility due in April to June 30 next year.

Businesswire.co.nz

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