“Notwithstanding that, the board considers that after 18 years now is the right time for a leadership change at GenesisCare, particularly given the challenges facing the organisation and the healthcare sector more generally,” he said.

GenesisCare has more than $2 billion in debt, a lot of which was taken on to buy 21st Century Oncology and expand aggressively in the United States in late 2019. Its earnings were hit hard by COVID-19 lockdowns and have been slow to recover, particularly in the US.

China Resources is its biggest shareholder with a 36.3 per cent stake, while KKR has 31.2 per cent. Doctors and management own the remainder.