Media releases

April 18, 2002

Medibank Private Limited Management Announcement

Medibank Private Limited Chairman Allan Thomson today announced that Medibank's Board and Managing Director, Mark Burrowes, have mutually agreed to not renew his contract for a new three-year term.

Mr Burrowes will leave by the end of April to pursue new career opportunities.

The appointment of an interim Managing Director will be made as soon as possible pending recruitment of a longer-term, permanent appointment.

Mr Thomson noted his significant contribution to Medibank Private since joining the company as Managing Director in 1999.

Mr Burrowes has led a cultural change, developing a commercially and customer-focussed culture in an organisation which now has a national focus.

He also headed the company during a period of consecutive record operating results in the last two financial years.

During this period, the number of people covered by Medibank Private health insurance increased from two to three million, with the company winning the support of half of the Australians who took out health insurance during the Commonwealth Government's Lifetime Health Cover campaign. Medibank consolidated its position as the leader amongst Australia's 44 health funds.

Additionally, Mr Burrowes managed a significant company aggregation campaign, creating one, Melbourne-based, national corporate structure from the previous series of state-based operations.

Mr Thomson extended the Board's good wishes to Mr Burrowes for the future.

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