John Fernandes appointed executive chairman of Third Age Health

John Fernandes has been appointed as the executive chairman of Third Age Health Services, effective from the departure of CEO Tony Wai in October.

Fernandes, who is currently the chairman of the board, will take on this new role to provide leadership continuity and support the company's strategic priorities during the CEO transition.

Fernandes has requested that his executive remuneration be fully variable and tied to value creation.

The board is now working on the appropriate remuneration structure.

As a result of this appointment, Fernandes will be classified as a non-independent director.

He will also step down from the audit committee, with non-executive director Bevan Walsh taking his place.