In a surprise announcement Tim Russell is leaving the company he founded 10 years ago to partner in a start-up business.

He and Mark Taylor as CFO built RetireAustralia into the fourth largest village operator across the country, culminating in its sale last December to the New Zealand Superannuation Fund and private equity group Infratil for $640M. Last year RetireAustralia made an underlying profit of $34M.

RetireAustralia and Russell are highly regarded for both the quality of the village portfolio they assembled and then navigating the GFC, thanks to their lean management and hands-on approach at the village level.

Tim advises that he feels that he has completed his role. He sees the sector as being in its best position in recent history, with new capital that understands the sector and willing to look at the long term, backed by ‘new, energised and smart people’.

His new venture will be in a related and complimentary field to the retirement village sector.

The new owners of RetireAustralia have expressed regret that Russell is departing; Tim departs 31 May but has agreed to continue to assist the board and management for six months while a replacement is identified. Mark Taylor will be acting CEO.