After almost five years, Gary Carroll is leaving as CEO of Australia’s biggest listed childcare operator.
Childcare giant G8 Education has recruited the head of discount store chain Big W to become chief executive, offering him a pay packet worth up to $2.6 million a year.
“Having navigated the COVID-19 pandemic and with the group’s improvement program progressing as planned and producing results in line with expectations, it is the right time for me to step down and for someone else to guide the company through its next chapter,” he said in an announcement released after sharemarket trading closed.COVID-19 has shaken the childcare sector, with it leading to lower levels of occupancy while increasing staffing bills due to absence or leading to sudden shutdowns.
G8 also said gap fee waivers had “decreased materially” in the second quarter and cost reductions remained on track. But staff shortages “remain the sector’s greatest challenge, exacerbated [this year] by higher levels of sick leave”, G8 said., Australia’s biggest childcare operator – also revealing she was quitting the company.
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