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Mayfield Childcare confirms resignation of Chief Executive Officer
Jason Roberts
Sep 10, 2024
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ASX listed Mayfield Childcare has confirmed that Chief Executive Officer Ashok Naveinthiran, has notified the Board of his intention to resign.
In line with his contract, Mr Naveinthiran has provided six months’ notice and will work closely with the Board to ensure an orderly transition of responsibilities, which will include finalising the integration work underway for the recently completed acquisition of Precious Cargo.“It is with regret that the Board has accepted Ashok’s resignation. Ash has been central to driving a best practice governed organisation at a corporate and operational level including the appointments of additional independent Directors which will be announced in the coming days,” David Niall, Chairperson of the Board said.
“He has built a strong management team and implemented systems and processes which ensures that the Company is well-positioned for sustained growth and remains in capable hands.”
“On behalf of the Board, I would like to sincerely thank Ash for his significant contributions to Mayfield and we wish him all the best in his future endeavours.”
Mr Naveinthiran to transition out of the business after two and half years in the role
Mr Naveinthiran joined Mayfield in August 2023 as part of a broader reshuffle that saw Chairperson Peter Lowe and Chief Executive Officer Dean Clarke, both founding directors, leave the business and Mr Niall and Mr Naveinthiran replace them.
Since assuming the role of CEO Mr Naveinthiran has overseen an overhaul of the Group’s corporate governance capabilities in the wake of the discovery of financial irregularities perpetrated by previous leadership and been responsible for the doubling of revenue to almost $100 million as the portfolio of centres owned scaled.
“It has been an honour to lead Mayfield over the past two years and to work alongside my fellow directors in rebuilding the Company’s foundations,” Mr Naveinthiran said.
“The Mayfield of today stands as a company of integrity, defined by its unwavering commitment to quality, compliance, and importantly, ethical practices,” he continued.
“I am incredibly proud of the transformation we have achieved together. And we’ve done this the right way – without compromising on our values, our people, or the quality of care we provide.”
“As I look ahead to my next challenge, I want to extend my deepest gratitude to the entire Mayfield team. Their tireless dedication and unwavering commitment to the thousands of children and families we serve have been at the heart of everything we have accomplished.”
The Board will immediately commence an extensive executive search process for a new CEO.
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