Ryman Healthcare Managing Director to Step Down, Citing Health

WELLINGTON, New Zealand--Ryman Healthcare Managing Director and Chief Executive Simon Challies said Friday he would step down on June 30, citing health reasons.

Mr Challies has worked at the retirement-village developer and operator since 1999, when he joined as its chief financial officer, before taking over as chief executive in 2006.

Chief Financial Officer Gordon MacLeod will take over the CEO role, the company said.

In 2011, Mr. Challies was diagnosed with Parkinson's disease. "I first noticed the symptoms about a decade ago, but it was still a huge shock to get my diagnosis in 2011," Mr. Challies said in a statement. "I've been determined not to let it beat me."

"This is a demanding job, and I've realised this year that my health was deteriorating and it was taking too great a toll on me personally, and on my family," he said.

During his tenure, Ryman Healthcare's portfolio of villages has grown from 12 to 31.

Earlier Friday, the company reported its after-tax profit for the 2017 financial year was 357 million New Zealand dollars (US$246 million), while underlying profit was up 13% at NZ$178 million.

Write to Ben Collins at ben.collins@wsj.com

(END) Dow Jones Newswires

May 18, 2017 18:26 ET (22:26 GMT)