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Netcare, the owner of SA's biggest network of private hospitals, said on Friday long-serving CEO Richard Friedland would be taking early retirement at the end of September 2024.
Friedland, aged 60 as of 2022, was appointed CEO in September 2005 and has been with the group for three decades. In his role as CEO, he oversaw the expansion of the group while guiding it through "unprecedented times," notably the Covid-19 pandemic, the company said on Friday.
Netcare, valued at over R20 billion on the JSE, had a network that included 49 acute hospitals with almost 10 000 beds in 2022, while employing more than 18 000 staff. It also operated 13 mental health facilities and 65 primary healthcare facilities.
During his tenure, Friedland oversaw the building of five new flagship hospitals, while also founding several key and business units. This includes Netcare 911 - which provides emergency services - a new pathology offering, Netcare Diagnostics, as well as NetcarePlus, an insurance offering.
"Under his leadership, the group has undertaken the most ambitious healthcare digitisation project on the continent, which is transforming Netcare and providing a long-term sustainable competitive advantage," Netcare said.
His commitment to sustainability has also resulted in numerous local and international awards, the group said, while the "foresight of this strategy which was implemented 10 years ago in 2013, has also played a pivotal role in reducing Netcare’s exposure to the impacts of the instability of the national electricity grid."
Friedland had always driven significant community-based initiatives, including the first sexual assault clinic in 1998, which has since grown to a network of 39 facilities, it said.
He spearheaded Netcare’s intervention during the national public sector nursing strike in 2010 in treating nearly a thousand neonatal babies, pregnant woman and emergency patients. Other social projects include the "My walk, made with soul" school shoe project that aims to provide a million local school children with shoes recycled from intravenous drip bags.
"Richard has been instrumental in the establishment of Netcare as a world-class healthcare group," said Netcare chair Mark Bower in the statement.
"His unparalleled combination of business acumen, vision, and entrepreneurial spirit have successfully contributed to the tremendous growth and many successes of the group and, under his leadership, has delivered superior returns to shareholders notwithstanding the adverse financial impact of the Covid-19 pandemic."
Netcare said on Friday it intends to announce a successor by September 2023 in order to ensure a smooth transition.
Shares in the group were up almost 1% on Friday and have lost almost 10% on a one-year basis.
