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Hadley is expected to join NMC in early April.
The appointment comes at a time when the ADCB has the greatest financial impact on the transfer of funds that will take place at the NMC until the end of 2019. NMC emerged from more than two years of management earlier this year with stated intentions to find a new buyer by 2025.
According to healthcare industry sources, Hadley’s selection makes perfect sense for NMC’s next phase. “He’s a medical professional through and through, while Mark Adams has been a banker,” one source said. “By working together, they can provide rapid progress in finding a next owner for NMC.
“Until then, Hadley can make it operationally strong.”
Another source said: “ADCB has done the right thing by hiring a medical industry professional as CEO of NMC. Roles must be separated between NMC’s ​​management and that of its main lender, ADCB.
“This is the best decision for the short-term future of NMC and its staff and patients.”
The latest results put a distance between NMC and its founder, BR Shetty, who started the business in the mid-1970s. In early 2020, NMC – at the time the largest private healthcare operator in the UAE and listed on the FTSE – was embroiled in a financial scandal that caused then-management to leave the country.
The ADCB filed a motion in the UK courts in 2020 to place NMC under administration. In April of the same year, the court ruled in favor and hired specialist consultancy Alvarez & Marsal to oversee what could be done to save NMC.
Fortunately for the company and its lenders and creditors, the healthcare business remains in good shape, with the company enjoying a solid recovery in 2020-21 despite the many disruptions caused by Covid.
In the end, the majority of creditors ruled that the company was ready for sale within 2-3 years. Chief executive of those two years, Michael Davis, later resigned.
Now, with Hadley’s help, a new chapter for NMC begins.
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