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HomeminewsVEI CEO Steps Down

VEI CEO Steps Down

Geoff Thompson will step down from his position as CEO of Vision Eye Institute at the end of this month (August).

He will be replaced by the company’s current Chief Financial Officer, Brett Coverdale, with the current Group Financial Controller, Anne McGrath moving into the position of CFO.

Mr. Thompson said his decision to resign had nothing to do with the Vision Eye Institute, but more to do with his personal ambitions.

“I’ve been here for four years…. I’m a bit of a nomad – it’s time to move on and pursue other business and investment opportunities and personal challenges.”

I’ve been here for four years…. I’m a bit of a nomad – it’s time to move on and pursue other business and investment opportunities and personal challenges

Mr. Thompson said he expected a smooth transition.

“The doctors are feeling settled and comfortable with the way things are going… I am happy to be in a position to hand over to a strong new CEO… that’s the best way to leave the organisation – with a well-respected capable successor.”

Mr. Thompson said he feels the company is in the strongest position it’s been in for the past five to six years, although leading it through the global financial crisis has been challenging.

“When you look back at mivision’s headlines of 2010 it was all about ‘Vision Group’s turmoil’. The media in general was focused on the company’s perceived problems and there were suggestions we were financially vulnerable. We’ve been chipping away at this, paying down our debt – our contracted amortisation schedule is AUD$10m a year, and this year we’re ahead of that schedule.”

“Our Chatswood clinic has gained world significance in terms of doctors performing laser cataract surgery and we’re currently installing two new laser cataract machines – one at Hurstville and the second at Camberwell. More will follow. We wouldn’t be making these significant investments if we were financially vulnerable.

“So we’re now in a position where we’re really focusing on driving the business forward, as opposed to fighting fires.”

Mr. Thompson began his career with Price Waterhouse before moving into financial services and eventually into healthcare, a sector he says he appreciates because it is about helping people.

“Prior to coming to Vision Eye Institute I was building private equity backed businesses, and I really enjoyed that, I enjoyed the flexibility and being able to get involved in a number of projects concurrently rather than focusing on one thing… because healthcare is such a fragmented space, there are many opportunities to explore beyond being in an executive role. So that’s what I’ve decided to do.”


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