KAREN Penrose has taken up a non-executive position on the board of aged care provider Estia Health, while outgoing chief executive officer and managing director Norah Barlow will stand for re-election on the board after being appointed two years ago to transform the struggling company.
At the time, Estia had failed to meet its 2016 financial year guidance and subsequently saw the exit of founder Peter Arvanitis, CEO Paul Gregerson and private equity director Marcus Darville.
Barlow is stepping down next month and will be replaced with current chief operating officer and deputy CEO Ian Thorley.
Penrose, a non-executive director of Vicinity Centres, Bank of Queensland and Spark Infrastructure Group, will replace Andrew Harrison, who has resigned.
Estia expects to deliver mid-single digit percentage increase in EBITDA on its existing portfolio of homes in FY19, after it delivered a 1.1% increase in net profit after tax for the 2018 financial year, while revenue was up by 4.3% and EBITA by 4.1%.
Australian Property Journal
