Ebos Group will replace longtime chief executive John Cullity with Adam Hall on July 1, capping a leadership era that delivered 168% total shareholder returns over a decade.
The dual-listed healthcare and pharmaceutical distributor revealed the succession plan alongside its first-half results, which showed solid momentum despite a messy year-ago comparison tied to a lost Chemist Warehouse Australia contract.
Chair Liz Coutts credited Hall with a strong record in strategic growth and dealmaking. He most recently served as group executive and president of Asia for Orica Limited, after senior posts at CF Industries and Bunge across the US, UK, and Asia.
Hall’s compensation package includes a base salary of A$1.35 million (NZ$1.5m). Short-term and long-term incentives add A$1.82 million and A$2.23 million respectively. A sign-on payment of A$2.4 million offsets forfeited incentives from his previous employer.
Cullity joined Ebos in 2009 as chief financial officer before ascending to the top job. Under his watch, the company completed more than 20 acquisitions that expanded its core businesses into new territory, including medical technology.
Normalised revenue climbed 9.5% to A$5.9 billion for the six months ending December 31, excluding the Chemist Warehouse distribution contract. Statutory revenue dropped 9.0% because of that lost agreement.
Underlying earnings before interest, taxation, depreciation and amortisation rose 7.1% to A$291 million. Statutory Ebitda fell 9% to A$276 million. Net profit after tax hit A$131 million on an underlying basis, down 14.1%, while statutory profit landed at A$110 million.
The board declared an interim dividend of NZ$0.57 per share, unchanged from last year.
Management reiterated full-year guidance for underlying Ebitda between A$575 million and A$600 million, implying roughly 5% to 10% growth. The company now turns toward executing that target under new leadership.
