Stephen officially stepped down as CEO on 30 June after transforming Bolton Clarke over his 10-plus years in charge of the Brisbane-based operator.
Last Friday, Stephen posted on his LinkedIn page: Final sign-off and reflection.
"The end of the 2025 financial year will mark my retirement.
"I feel very privileged to have been able to close out a 40-year executive career leading Bolton Clarke. From the ideation and execution of the RDNS – RSL Care merger 14 years ago, we’ve established a national footprint, completed 17 mergers and acquisitions, built and commissioned 7 new award-winning homes/villages, added 64 nursing homes, 21 retirement villages and 4,040 new Home Care Packages. The Group’s workforce has grown by 11,000 and annual revenue has increased to $1.8B p.a.
"Most importantly, all this growth translates into an ability to meet increasing demand to care for more than 130,000 people every year. I’m especially proud of the Group’s ability to maintain an outstanding workplace health & safety record and its Employer of Choice recognition through this exponential growth.
"The strong growth also points to the benefits of scale and organisational velocity. That is, the Group has developed an ability to innovate and expand despite operating in a period of intense turbulence and change. This included 7 different Aged Care Ministers; 8 industry reviews and Senate Inquiries; a 3-year Royal Commission; a new Aged Care Act; innumerable cyclones, floods and fires; a tsunami of new regulatory reporting, compliance and funding changes; and a global Covid pandemic.
"I leave with mixed feelings. On one hand, disappointment that:
- consecutive Governments think the best way to ameliorate risk is via more regulatory compliance
- funding levels remain inequitable especially when comparing aged care revenue to funding that flows to hospices and hospitals caring for palliative patients with the same comorbidities as our residents and clients
- we still have a perverse funding model that rewards immobility rather than holistic restorative care.
"On the other hand, I’m leaving with an overwhelming sense of optimism. The new Aged Care Act will (eventually) provide a stronger foundation for care and more certainty for providers. In addition, we currently have one of the longest serving and most capable Health and Aged Care Ministers in a generation, and we finally have a single industry peak body Chaired by one of the country’s preeminent health care experts, Mick Reid. We also have a fresh crop of energised and visionary CEOs, including my successor Olivier Chretien, ready to take up the challenge. The Bolton Clarke trajectory has in part been a function of vision, perseverance, and hard work. However, these elements alone would not have created the platform of success without unusually high levels of Board support and an outstanding Executive team. It has been a pleasure to work beside so many committed and talented people.
"Beyond all of that, it’s been an honour to contribute to our 140-year legacy of care and albeit indirectly, make a positive difference to the lives of thousands of sick, frail and vulnerable people."
Stephen departs Bolton Clarke as of 30 June 2024, leaving behind a national portfolio of 88 residential aged care homes (8,719 places) and 43 retirement villages (2,763 units). In FY24, the Group’s Operating EBITDA rose 11.5% to $126.4 million, up from $113.4 million the previous year. The Group also reported a statutory net surplus after income tax of $193.5 million.
Under Stephen’s leadership, Bolton Clarke pursued a bold acquisition strategy. In September 2024, it acquired four RCA villages in Victoria. Prior to that, the organisation acquired McKenzie Aged Care Group in February 2023 and Allity in February 2022, following a merger with Acacia Living Group in November 2021. The organisation has also grown its education arm, with RDNS acquiring Altura Learning in 2017, the same year it began trading as Bolton Clarke.