Michael Neeb Joins Max Healthcare Institute Limited as Independent Director
M Neelam Kachhap
Michael Thomas Neeb (57yrs), HCA UK’s Former President and CEO, has been appointed as an independent director at Max Healthcare Institute Limited for five years starting July 15, 2019. Neeb retired from HCA UK earlier this year after 19 years of service. Under his leadership, HCA UK had grown from four hospitals into the largest provider of privately funded healthcare in the UK, with a network of hospitals and clinics London and Manchester, and partnerships with leading NHS trusts.Recently, Radiant Life Care Private Limited backed by KKR, acquired 49.7% stake in Max Healthcare Institute Limited from South Africa-based hospital operator Life Healthcare. Radiant’s stake acquisition is one of several steps that will eventually result in Soi and KKR together acquiring a controlling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India Limited, and Radiant to create the largest hospital network in North India. As part of the transaction, Max India’s promoters have received an advance of INR 361 crore (US $52.2 million) from KKR in exchange for a 4.99% stake in the merged entity. Max India’s promoters have used the funds for deleveraging purposes.Radiant is promoted by Abhay Soi and is in the business of developing/redeveloping hospitals to provide high end quaternary care. Presently, Radiant has two iconic facilities in its portfolio namely: BLK Super Specialty Hospital, Delhi and Nanavati Super Specialty Hospital, Mumbai. Abhay Soi Chairman and Managing Director of Radiant has been appointed as the Chairman of Max Healthcare Institute Limited Board and Executive Council.
The process of combining Radiant Life Care and Max Healthcare and the eventual listing of Max Healthcare is underway, and is likely to be completed in 6 to 8 months, subject to receipt of the requisite approvals.
Neeb is a Non-Executive Director of Max Healthcare Institute Limited. He did bachelor's degree in accounting from Baylor University in 1984 and a master's degree in business administration from the University of Dallas in 1998. Neeb joined HCA in 1991, moved to the UK in 2000 as CFO for its international division, and became president and CEO in 2007.
