NMC Health plc promotes Prasanth Manghat to CEO
· Promotion made following recommendation of NMC founder Dr B R Shetty
· Smooth leadership transition will ensure continuation of successful business strategy
· Out-going CEO and founder, Dr B R Shetty to take up joint Non-Executive Chairmanship
London: NMC Health plc (LSE:NMC), the leading integrated healthcare provider operating across the United Arab Emirates (the “UAE”), announces the appointment of current Deputy CEO and Executive Director, Prasanth Manghat, to CEO, effective  March 2017.
Manghat, who has been an integral part of NMC Health for over 12 years and involved in all strategic execution and financial oversight of the business since listing on the London Stock Exchange (LSE), replaces outgoing founder, CEO and Executive Vice-Chairman, Dr B.R. Shetty. Dr Shetty will take up a role as joint Non-Executive Chairman of NMC Health alongside current Chairman, H J Mark Tompkins, with immediate effect. 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 being a small pharmacy and diagnostic clinic in 1975, into has an international network of hospitals in the UAE and Europe comprising thirty healthcare facilities across six countries, caring for 11 thousand patients every day, and employing over 1,200 doctors.
Commenting on his appointment as the new CEO of NMC Heath, 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 strategy, 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 shareholder value.”
About NMC Health
The NMC group (the “Group”) is the leading private sector healthcare operator in the United Arab Emirates (the “UAE”), 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 ClinicaEugin in Barcelona, Spain – one of the leading fertility treatment centres globally. NMC also owns a 51 percent. shareholding in Fakih IVF Group, the Middle East market leader for in-vitro fertilisation (“IVF”) services. Moreover, NMC also owns 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. The Group reported revenues of US$1,220.8 million for the year ended 31 December 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.