Ryman Healthcare chief executive Richard Umbers resigns, hunt on for new boss

Ryman group chief executive Richard Umbers. Photo / supplied

Ryman Healthcare has announced its chief executive Richard Umbers has resigned and will be leaving the company at the end of today.

Chairman Dean Hamilton will act as executive chair while a search starts for a new group chief executive.

Umbers joined Ryman in October 2021.

The announcement from the retirement village company does not say when Umbers goes but a spokeswoman said his last day was today.

“Mr Umbers is leaving Ryman in accordance with his contractual terms,” the NZX announcement today said.

Ryman has a market capitalisation of $3 billion, according to the NZX.

“Ryman is reaffirming it earnings guidance issued on February 19,” the company announced.

That said that instead of making $300 million to $330m, the company would only make an underlying profit of $265m to $285m.

Umbers then cited lower new sales volumes and lower margins on resales.

“This projection of the full year result is disappointing,” Umbers said in February.

“Although we have stock available to sell, a combination of market conditions and the expected phasing of main buildings will see sales deferred into FY25,” he explained then.

Ryman Healthcare is preparing to leave this site at Takapuna indefinitely. Photo / Jason Dorday

Ryman is pausing developments or selling land at five sites in New Zealand and in Australia.

By last November, the company described the housing market as “challenging” and Umbers announced Ryman would be selling two sites and deferring work on another three:

• Selling land at Kohimarama after abandoning a controversial $150m plan neighbours opposed;
• Selling land in Newtown, Wellington, described as an extremely capital-intensive site;
• Pausing work at the ex-fire station site at Takapuna;
• Development of Melbourne’s new Ringwood East village has been paused, although basement work has also begun;
• Expansion of Murray Halberg Village in Lynfield, Auckland, has been paused.

At 41-45 Killarney St, Takapuna, preparations were being made in February to leave the site.

In 2020, the company announced a $120m project there and was advanced with groundwork. But plans are now stalled for the almost-7000sq m ex-fire station site next to Killarney Park on the shores of Lake Pupuke.

An apartment block with 67 independent units, 31 serviced apartments, a rest home, a hospital and dementia-level care accommodation was planned. The company planned 45 aged care or hospital beds there.

Last November, Umbers said: “At the moment, we’ve done groundworks at the site. It’s ready to build when we’re ready.”

Sales of properties in Auckland and Wellington had not been advertised in the public arena, a spokeswoman said.

Ryman will announce its March 31, 2024 annual result on May 27. Shares are trading down 17 per cent annually, around $4.40.

Anne Gibson has been the Herald’s property editor for 24 years, has written books and covered property extensively here and overseas.