Pacific Smiles boss Andrew Vidler resigns following failed takeover bid
The boss of Pacific Smiles has handed in his resignation following a tumultuous few months for the east coast dental services chain as a takeover target.
In a brief statement to the market on Friday, Pacific Smiles announced Andrew Vidler’s departure after less than nine months in the top job.
His resignation, which is subject to a six-month notice period while the board searches for a replacement, follows the resignation of the company’s chief financial office Matthew Cordingley last week, and the retirement of chair Zita Peach.
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By continuing you agree to our Terms and Privacy Policy.Mr Vidler and Mr Cordingley will remain with the company during a transition period with final departure dates yet to be determined.
Newly-appointed chair Giselle Collins on Friday said Mr Vidler has had a strong focus on bringing the team together and keeping them delivering best practice services to patients and dentists.
“We recognise the challenge he faced managing the business alongside the transaction workload whilst delivering strong financial results. We wish him every success in his new endeavour,” she said.
Mr Vidler’s appointment was announced last December, just one day after the company received a takeover proposal from healthcare-focused Australian private equity group Genesis Capital.
The announcement on Friday comes nearly a month after Pacific Smiles shareholders defied the board by voting against a separate offer from Crescent Capital-backed National Dental Care.
Just over 60 per cent of shareholders voted in favour of the NDC scheme, short of the 75 per cent required for the motion to pass.
The shortfall was largely the result of Genesis’ 19.9 per cent voting power in Pacific Smiles.
Pacific Smiles — which runs more than 130 dental clinics around Australia — reported a 7.9 per cent lift in patient fees to $291.8 million in the 2024 financial year, while underlying net profit almost doubled to $8.9m.
Despite being at the company for less than half of the fiscal year, Mr Vidler at the time said the results were a “real testament” to the team’s commitment to focus on utilisation of centres and driving patient fees growth.
Pacific Smiles shares were down 1.4 per cent to $1.76 just before 11am on Friday.
