MedAdvisor (ASX:MDR) - Outgoing CEO & Managing Director, Robert Read
Outgoing CEO & Managing Director, Robert Read
Source: MedAdvisor
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  • MedAdvisor’s (MDR) CEO and Managing Director, Robert Read, intends to retire from his role as the company shifts its focus towards growth in the US
  • Mr Read says he’s unable to commit to relocating to the US due to family reasons and he and MDR believe it makes ‘strategic sense’ for the Group CEO to be based in the US
  • Company Chair Linda Jenkinson says Mr Read has done a “tremendous job” over the past seven years to get the company to where it is today
  • Mr Read will assist with the search for a new CEO to ensure a smooth transition
  • Company shares are in the grey on market close, trading at 25.5 cents per share

Medical technology company MedAdvisor’s (MDR) CEO and Managing Director, Robert Read, announced his intention to retire from the role.

Mr Read’s departure comes at a time when the company is focused on expanding operations and seizing growth opportunities in the US, where the current CEO is unable to relocate to due to family reasons.

In line with its growth objectives, MedAdvisor’s board determined that a US-based group CEO would best deliver on the next phase of its growth in the US.

“With the largest market and operations now established, it made strategic sense for
MedAdvisor’s Group CEO to be based in the US,” the announcement stated.

Mr Read said it was a difficult decision to retire from the role of CEO and Managing Director.

“I have thoroughly enjoyed the past seven years building MedAdvisor from a small software business in Australia with less than $1 million in revenue, into a global healthcare software provider with operations in four countries and hundreds of staff,” he said.

“With the majority of the business now based in the US, the best path forward is to appoint a US-based Group CEO with deep experience and connections in the US market.”

“Since his appointment as CEO in 2015, Robert has done a tremendous job leading MedAdvisor and to position the company today at the forefront of medications management,” Chair Linda Jenkinson said.

“We completely understand Robert’s desire to remain in Australia and know that he will ensure an orderly and smooth transition of the CEO role,” Ms Jenkinson added.

Company shares were in the grey on market close, trading at 25.5 cents per share.

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