Wrap Text
Executive Leadership and Board Change
NETCARE LIMITED
(Registration number 1996/008242/06)
JSE ordinary share code: NTC
ISIN: ZAE000011953
JSE preference share code: NTCP
ISIN: ZAE000081121
("Netcare" or the "Group")
Executive Leadership and Board Change
In accordance with paragraph 3.59 (b) and (c) of the JSE Listings Requirements, Netcare
shareholders are advised that Dr Richard Friedland, the Chief Executive Officer (“CEO”) of Netcare,
has informed the Netcare Board of Directors (“Board”) of his intention to take early retirement. He
will step down from his current role as CEO, and as an Executive Director of the Board, with effect
from 30 September 2024.
Netcare Chairman, Mr Mark Bower, thanked Dr Friedland for his servant leadership, loyalty, and
invaluable contribution to Netcare during 30 years of unbroken, dedicated service to Netcare, 18 of
which were served as CEO.
Mr Bower said: “The Board is grateful for the outstanding way in which Richard has humbly and
successfully guided and transformed the Group, often through difficult and unprecedented times. He
steered Netcare through the challenges arising from the COVID-19 pandemic, serving on the ‘front
line’ and supporting the provision of quality care to over 160 000 South Africans, while remaining
steadfast in overseeing the implementation of Netcare’s key strategic imperatives, including its
market-leading digitisation programme”.
He added: “Netcare has a strong track record of effective leadership succession. A significant focus
over the past few years has been the development of the executive team, several of whom have the
potential to lead the company in the future. The Board recognises the wealth of internal and external
talent, and a structured process is now underway to consider applicants for the role of CEO. The
aim is to announce Richard’s successor by the end of September 2023 to ensure a smooth
transition.”
During his tenure, Dr Friedland has grown Netcare into the largest hospital group in South Africa,
building five new flagship hospitals, expanding the service offering across ten unique platforms, and
founding several key and unique business units, among them Netcare 911, Netcare Diagnostics and
NetcarePlus. He initiated and implemented the Group’s strategy of person centred health and care
that is digitally enabled and data driven.
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. The roll out of the project remains on track and, as reported on at H1 2023 results, the
costs of this project are below budget and the financial benefits are exceeding expectations. Dr
Friedland will continue to drive the successful implementation of this project, which is expected to
be completed in April 2024.
His passion and commitment to both developing and leading the sustainability strategy has resulted
in the Group being recognised as a world leader in healthcare environmental sustainability, endorsed
by over 32 local and international awards. Netcare has exceeded its ten-year environmental
sustainability targets ahead of schedule, achieving cumulative operational savings and cost
avoidance of approximately R1.1 billion to date, yielding an IRR of over 25%. 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.
Dr Friedland has always driven significant community based involvement, for example the
establishment of the first sexual assault clinic in 1998 which has since grown to a network of 39
facilities throughout Netcare hospitals, then spearheading 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 South African school children with school shoes recycled from
intravenous drip bags.
Dr Friedland said: “It has been a lifetime blessing to be part of Netcare and my heart is full of
gratitude. This has been a considerable team effort and I am grateful to the Board and my leadership
team for their constant support, guidance and collaboration. I remain especially grateful to my fellow
healthcare co-workers: nurses, doctors, paramedics, allied health professionals, pharmacists,
administrators, technical and support teams who are the bedrock of all we do, and who have made
extraordinary sacrifices to render safe, quality and compassionate care to the people and
communities we treat. We understand our purpose and calling and I remain confident that the Group
will continue on its solid trajectory.”
In closing, Mr Bower noted: “Richard has been instrumental in the establishment of Netcare as a
world-class healthcare group. 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.”
28 July 2023
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
2
Date: 28-07-2023 10:50:00
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