NMC Healthcare, the UAE’s biggest healthcare provider, said its board has appointed David Hadley as the group’s new chief executive.
He will assume day-to-day leadership of the group in early 2023, the company said on Monday.
Mr Hadley, who succeeds Michael Davis, joins NMC from South African healthcare provider Mediclinic Middle East, where he has been chief executive for the past 13 years.
“While I am sad to leave Mediclinic after a very happy and fulfilling 30 years, I am very excited to join NMC as it enters a new phase following a challenging few years,” Mr Hadley said.
“NMC is a remarkable world-class company with deep commitment toward our communities, partners and regulators. It is my intention to ensure that NMC’s patients continue to receive the high quality care that sets us apart from others.”
NMC Health, which grew from a single clinic, was founded by BR Shetty in 1975 and grew to become the UAE’s biggest privately owned healthcare operator.
The company’s shares were listed on the London Stock Exchange in 2012 and at its peak in 2018, it was valued at £8.58 billion ($10.5 billion).
However, the business collapsed in 2020 after a report from short seller Muddy Waters in December 2019 alleged the company had inflated the value of its assets and understated its debt.
An independent investigation uncovered more than $4.4 billion of previously unreported debt, leading to the company being placed into administration in April 2020.
In March this year, the restructuring process was completed and allowed 34 NMC companies to exit administration and become subsidiaries of a new group.
The companies that exited administration will be subsidiaries of the NMC Group that will be overseen by a newly appointed board of directors. The new group will operate under the jurisdiction of the Abu Dhabi Global Market.
Mr Hadley has 30 years of experience in the healthcare industry in South Africa and the UAE, NMC said.
“He is a recognised leader within the healthcare industry, known for crafting [an] ambitious strategic vision to achieve business goals,” NMC Healthcare said.
“Following Mediclinic’s entry into the UAE in 2006, Mr Hadley led the South Africa-based company into one of the country’s leading private healthcare organisations and was instrumental in the successful amalgamation of Al Noor Hospitals Group into Mediclinic following its acquisition in 2016.”
Mr Headley is a seasoned leader with significant healthcare experience and a chief executive with a strong track record of delivering value to shareholders, NMC board chairman Kevin Taylor said.
NMC owns 65 healthcare centres in the UAE and Oman, with more than 1,400 hospital beds, including multi-speciality hospitals, fertility specialist Fakih IVF, cosmetic clinic chain Cosmesurge and long-term rehabilitation and home care brand ProVida.
The group sold 53 per cent of its stake in the Saudi Medical Care Group in March this year, marking its final international asset sale.
The healthcare provider, which also runs 38 pharmacies, has more than 12,000 employees.