Medibank Private Chairman resigns
Mr Peter Kirby, Chairman of Medibank Private, announced today that he will not be seeking an extension to his current term as Chairman, and will step down at the company's February 2007 Board meeting.
Mr Kirby has been Medibank Private's Chairman since February 2004 and has overseen the most significant turnaround in the company's 30 year history.
Commenting on his decision, Mr Kirby said he would leave Medibank Private with the knowledge that he was appointed Chairman at a significant moment in the insurer's history and had been part of a great team effort to re-build the company's position, both internally and externally.
"I am pleased to have contributed, along with my fellow Board members, to the healthy financial and operating state Medibank Private is in today.
"With the financial turnaround complete, and the Australian Government's legislation to float Medibank Private passing parliament in December, I felt this was an appropriate time to hand the reins of chairmanship over to someone else to see the company through to a potential IPO next year.
"I look forward to continuing to achieve a number of goals in my corporate career over the coming years," Mr Kirby concluded.
Medibank Private's Managing Director, Mr George Savvides, said Mr Kirby has provided important governance oversight and leadership as Chairman during a critical period of Medibank's history.
"Mr Kirby has contributed materially to the development of Medibank's long term strategy and performance improvement and leaves the business in a strong position to continue its leadership of the Australian private health insurance industry".
Mr Kirby is currently a Director of Orica Limited; Macquarie Bank Ltd., and Beacon Foundation. Mr Kirby received the Centenary Medal in 2003.
Medibank Private delivered an annual profit of $200.1 million on revenue of $2.83 billion for the year 2005-06. Medibank Private is Australia's largest health fund with approximately three million Australians covered making up 29% market share. The Australian Government passed sale legislation in December 2006 to privatise Medibank Private in 2008 with foreign ownership caps to ensure it remains Australian owned.
Queries - please contact:
Libby Woolnough - Medibank Private
T. (03) 8622 5181 or 0411 659 060
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