Vision Eye Institute Ltd (ASX: VEI), which is an Australian-based provider of ophthalmic care, has announced that Mr Brett Coverdale will step down from his role as Chief Executive Officer on 30 June, 2015, with a search for a new CEO now underway.
Mr Coverdale has held the role since August 2012, before which time he served as the company’s Chief Financial Officer since February 2011. Vision Eye’s shares have risen nearly 70% since he assumed the top position.
In a statement to the ASX, Vision Eye said: “The Board will commence the search for a new CEO immediately with the appropriate skills to lead VEI on its next phase of growing and expanding the company.” It also said that the Board and management will work closely to ensure there is a seamless transition.
Although the company’s most recent earnings update was somewhat underwhelming, Vision Eye Institute could be a stock worth watching in the future. To begin with, the company could stand to benefit from an ageing population (which would presumably result in greater demand for eye care), while it could even become a takeover target for a much larger company, including Primary Health Care Limited (ASX: PRY), which is already a major shareholder.
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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned. You can follow Ryan on Twitter @ASXvalueinvest.
We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.