Metlifecare CEO Alan Edwards plans to retire next year

Friday 12th June 2015

Alan Edwards, chief executive of Metlifecare, plans to retire in 2016, ending six years heading up the retirement village operator.

The hunt to replace Edwards has begun ahead of his planned departure on June 30, 2016, the Auckland based company said in a statement. Edwards began his tenure as CEO in August 2009, growing Metlifecare's market capitalisation to more than $1 billion from $200 million, strengthening its balance sheet, leading the company into the NZX50 Index and attracting Infratil and New Zealand Superannuation Fund as two cornerstone shareholders.

“The company is strongly positioned to continue its growth," Edwards said. "I believe now is the right time to signal my retirement and to work with the board to find new leadership to take the company forward and build on this next stage of its development.”

Retirement village companies are acquiring land and preparing for a record building spree in anticipation of increased demand as people born in New Zealand's post-war era start to reach the target age for operators. Edwards oversaw the company's merger with Vision Senior Living and Private Life Care Holdings in 2013.

Metlifecare shares fell 0.2 percent to $4.88 and have gained 4 percent since the start of the year. The shares were trading around $2.40 when Edwards began his tenure.

BusinessDesk.co.nz

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