Media Release
UAE, Mar 10: NMC Health plc (LSE:NMC), the leading integrated healthcare provider operating across the emirate, announced the appointment of current deputy CEO and executive director, Prasanth Manghat, to CEO, effective March 8.
Manghat, who had been an integral part of NMC Health for over 12 years and involved in all strategic execution and financial oversight of the business since its listing on the London Stock Exchange (LSE), replaced outgoing founder, CEO and executive vice-chairman, Dr B R Shetty. Dr Shetty immediately took up the role as joint non-executive chairman of NMC Health alongside current chairman, H J Mark Tompkins. The promotion of Manghat was made following the recommendation of Dr B R Shetty.
Under Dr B R Shetty’s leadership, NMC has grown from a small pharmacy and diagnostic clinic in 1975, into an international network of hospitals in the UAE and Europe comprising thirty healthcare facilities across six countries, caring for 11 thousand patients everyday, and employing over 1,200 doctors.
Commenting on his appointment as the new CEO of NMC Health, Prasanth Manghat said, “I am honoured and excited to be appointed as the new CEO of NMC Health. I have had the privilege of working very closely with Dr Shetty for a number of years in relation to the planning and execution of strategy across all NMC’s divisions. Dr Shetty’s mentorship and guidance has fully prepared me for this new role and will ensure that there is a strong level of business continuity in place that will result in a continuity of strategies, which the business has been diligently executing since 2015.”
Out-going CEO and new joint non-executive chairman of NMC Health, Dr B R Shetty, commented, “Prasanth is a brilliant colleague and has been a trusted member of the NMC Health team for over a decade. I am personally delighted to be handing over the reins to such an outstanding leader. NMC finds itself in a strong place and I felt this was the right time for me to step back from my day-to-day responsibilities in the company I founded over four decades ago. This change will allow me to focus on the strategic development of NMC and my other global business interests. I have no doubt that Prasanth is the best man to take the business forward.”
Current independent non-executive chairman, H J Mark Tompkins, added, “Prasanth is the obvious successor to Dr Shetty. He has contributed significantly to the strategy that was launched in 2015 and is well known by the industry and investment community. I have every confidence that NMC will continue to thrive under his leadership. I also welcome the appointment of Dr Shetty to the role of joint non-executive chairman of NMC Health. This role is a natural progression for him and I speak for the entire Board of Directors in welcoming his appointment. We believe that his wealth of experience, his deep knowledge of the business and his unrivalled contacts in the sector built over forty years will be extremely valuable to us as we continue to grow the business and deliver the shareholder value.”
About NMC Health:
The NMC group is the leading private sector healthcare operator in the United Arab Emirates, with a nation-wide network of hospitals and operations in the country since 1975. The Group currently operates or manages eight hospitals, two day-care patient centres, nine medical centres and fifteen pharmacies. In addition, the Group owns and operates Clinica Eugin in Barcelona, Spain - one of the leading fertility treatment centres globally. NMC also owns a 51 per cent shareholding in Fakih IVF Group, the Middle East market leader for in-vitro fertilisation (IVF) services and operates Americare Group, the leading home care provider in the UAE as well as ProVita, the pioneering provider of long-term medical care, also in the UAE. The enlarged company received almost 4.3 million patients in 2016. The Group is also a leading UAE supplier of products and consumables across several key market segments, with the major contribution coming from healthcare related products. It reported revenues of US $1,220.8 million for the year ended December 31, 2016.
In April 2012 NMC was listed on the premium segment of the London Stock Exchange. NMC is a constituent of the FTSE 250 Index.
Contacts:
Investors NMC Health
Prasanth Manghat, chief executive officer: +971 50 522 5648
Suresh Krishnamoorthy, chief financial officer: +971 50 591 5365
Roy Cherry, head of strategy and investor relations: +971 50 667 0184
Media:
FTI Consulting, London
Matthew Cole: +44 (0)20 3727 1101
FTI Consulting, Gulf
Shane Dolan +971 (0)4 437 2100
Media enquiries for Dr Shetty:
Brunswick Group
Alex Blake-Milton (UAE)
+971 50. 6947589
ablakemilton@brunswickgroup.com
Gill Ackers (London)
+44 20 7404 5959
gackers@brunswickgroup.com
Khozem Merchant (Mumbai)
+91 98200 60485
kmerchant@brunswickgroup.com