- Aged care provider, Aveo Group will say goodbye to its CEO, Geoff Grady
- Geoff has served as company CEO since March 2009 and led the company through significant changes
- Geoff resigned to pursue new things ahead of Aveo’s implementation of Brookfield Property’s buyout plan to buy all of Aveo’s outstanding securities
- The senior living provider remains steady today with shares trading for $2.14 each
Aveo Group’s Chief Executive Officer, Geoff Grady, has resigned, effective on Friday November 29 2019.
Aveo is an ASX 200-listed innovative seniors living provider. It owns and operates over 94 retirement communities across Australia for over 13,000 residents.
Geoff commenced as CEO in March 2009 following his departure from Mulpha Sanctuary Cove, a leading company that manages key property and lifestyle investments across the country.
During his time as CEO, Geoff led Aveo through a transformational period and oversaw the strategic review process over the past year.
“I have been absolutely privileged and honoured, to lead a wonderful group of passionate employees who have made Aveo the most innovative and customer focused retirement operator in Australia,” Geoff said.
According to the former CEO, he believes it is “time to move on” ahead of the implementation of the Schemes scheduled to be received on the same day Geoff ceases his position.
The company entered a Scheme Implementation Deed in mid-August with entities controlled by Brookfield Property Group that entitles security holders to a cash payment of $2.195 per security.
This agreement will see one of Brookfield’s entities acquire 100 per cent of Aveo’s securities that values it at $1.27 billion.
“I have made many friends at Aveo over the past 10 years and I intend to stay in contact and watch your successes,” he added.
Aveo remains steady today with shares trading for $2.14 each in a $1.24 billion market cap.