Following the turmoil of the hasty departure of its major shareholders and collapse in its share price, Estia Health’s board has announced Norah Barlow as its permanent CEO.

A non-Executive Director of the company, she has been the Acting CEO for the two months since Paul Gregersen surprised the company and the market by resigning the leadership position.

Barlow is one of the most highly respected executives in her native New Zealand where she was awarded an officer of the New Zealand Order of Merit for services to business in 2014. Between 2002 and 2014 she built Summerset from a small, private company to their second largest village and care operator, which included it being listed on their stock exchange.

It is a significant commitment by her as she had left full-time employment behind her in favour of professional directorships of which she has at least five, including Ingenia, plus numerous government and allied taskforces.

Ian Thorley has also been appointed Chief Operating Officer. He has experience of nearly 5 years as Chief Operating Officer of Opal Aged Care.

Other good news for Estia is the arrival of Argo Investments quietly buying up to $30 million of Estia stock, stating they have “been doing some bottom feeding” with the expectation that Estia will only increase in price in both the short and medium term because of its basic business fundamentals.

Image credit: The Australian.