Motley Fool Australia

Here’s why the InvoCare (ASX:IVC) share price is on the rise today

shares valuation higher upgrade, growth shares
Image source: Getty Images

The InvoCare Limited (ASX: IVC) share price is on the move on Monday following the release of an announcement.

In morning trade the funeral company’s shares are up 1% to $11.56.

What did InvoCare announce?

This morning InvoCare provided an update on the appointment of its new Chief Executive Officer, Olivier Chretien.

According to the release, Mr Chretien has now been formally appointed to the board of InvoCare effective 4 January 2021.

This follows the resignation of former Chief Executive Officer, Martin Earp, as a director of InvoCare this morning as planned.

Mr Earp will continue to work with the board and Mr Chretien up to the end of March 2021. The company expects this to deliver a smooth and seamless handover of leadership.

Who is the company’s new CEO?

Olivier Chretien was named the company’s new CEO just before Christmas following a six-month search for a replacement for the outgoing Martin Earp. The latter revealed in June that he would not be staying on when his six-year contract ends in March 2021.

Mr Chretien is an experienced executive and has previously worked for private hospital operator Ramsay Health Care Limited (ASX: RHC) and conglomerate Wesfarmers Ltd (ASX: WES). His most recent role was Group Chief Strategy Officer at Ramsay Health Care.

Prior to joining Ramsay, he served in a range of senior executive and managing director roles at Wesfarmers between 2006 and 2017.

Commenting on the appointment, InvoCare’s Chair, Bart Vogel, said: “Olivier has a proven record with successful P&L management, value creation, strategy design and execution in those roles over many years. Olivier’s record demonstrates strategic execution and financial acumen, combined with successful management of operational transformation and a clear grasp of trends driving business disruption across all sectors, particularly in digital and data.”

“This combination of strategic and management execution to create value, together with strong people skills is critical to InvoCare’s investment program and operations as we address changing customer expectations and further diversify earnings into adjacencies,” he added.

Mr Chretien appears to be up for the challenge of leading the company.

He commented: “I am inspired by the Company’s mission and values and the critical role it plays in celebrating life and memories for its client families, through dedicated team members who bring uniquely empathetic skills to work every day.”

“I am committed to develop with the team an even more resilient and innovative business to ultimately deliver solid and sustainable returns to our shareholders by leveraging the foundations built over the past few years,” he concluded.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended InvoCare Limited and Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Related Articles…