Delivering a further shock to the Estia board, its CEO Paul Gregersen resigned last week, effective immediately but agreeing to be available as a consultant.

His place was immediately taken by non-executive board member Norah Barlow as Acting CEO while the search for a permanent replacement is made.

Gregersen is reported to have said he had simply “had enough”. He has been under intense pressure for nine months since their share price started sliding last November and crashing three weeks ago to $2.75 (down from a peak of $7.76) after they missed profit forecasts and announced they were abandoning growth to 10,000 beds by acquisition.

Norah Barlow is well known in the retirement village sector having built New Zealand’s Summerset Group from small beginnings to the country’s second largest village and care operator before retiring in 2014. She is one of NZ’s most highly regarded business people. In Australia she also sits on the Ingenia board.