New head of Medibank Private board
The appointment of Elizabeth Alexander to chair the profitable government business was announced by Finance Minister Penny Wong.
Ms Alexander, who steps into the role next week, spent 20 years on the board of pharma company CSL - five as chairman - until 2011.
Originally a government-owned business such as Medibank, CSL - formerly the Commonwealth Serum Laboratories - is now the biggest healthcare company on the Australian stock exchange, with a market capitalisation of more than $23 billion.
According to her former employer, Ms Alexander played a key role in CSL's listing in 1994 and helped transform the group from a domestic biologics manufacturer to a global pharmaceutical company.
Senator Wong said her experience on corporate boards and government committees "will be of great benefit as Medibank continues its transformation from a private health insurer to an integrated health solutions provider".
Despite being an obvious fit to lead a government business into the private sector, the minister denied that the appointment was designed to spruik the insurer ahead of a possible sale. "The government does not have any plans to privatise Medibank Private," a spokeswoman for Senator Wong said.
Ms Alexander, who takes over from Paul McClintock, is the chancellor of the University of Melbourne and chairs investment group Dexus Wholesale Property Limited.
She has been a non-executive director on the Medibank Private board since October 2008.
Medibank's accounts showed the insurer intended to pay a special dividend to the government of $300 million this financial year, on top of a $91 million ordinary dividend.
The Coalition's policy is to float Medibank if it wins government.
Frequently Asked Questions about this Article…
The government has appointed Elizabeth Alexander as chair of Medibank Private. Finance Minister Penny Wong announced the appointment and Ms Alexander is due to step into the role next week, replacing Paul McClintock.
Ms Alexander spent 20 years on the board of CSL (five years as chairman) until 2011, played a key role in CSL's 1994 listing and its transformation into a global pharmaceutical company, and has served as a non‑executive director on the Medibank board since October 2008. She is also chancellor of the University of Melbourne and chairs Dexus Wholesale Property Limited.
The Finance Minister denied the appointment was intended to spruik Medibank ahead of a sale. A spokeswoman said the government does not have any plans to privatise Medibank Private. Separately, the Coalition's policy is to float Medibank if it wins government.
The appointment of a high‑profile, commercially experienced chair like Elizabeth Alexander could be seen as bolstering Medibank’s market credibility — especially given her experience taking a former government business (CSL) into the public market. However, the government has stated it has no current plans to privatise Medibank.
Senator Penny Wong said Ms Alexander’s corporate and government board experience "will be of great benefit as Medibank continues its transformation from a private health insurer to an integrated health solutions provider."
Medibank’s accounts showed the insurer intended to pay a $300 million special dividend this financial year, on top of a $91 million ordinary dividend to the government.
CSL was originally government‑owned (formerly Commonwealth Serum Laboratories) and became the largest healthcare company on the ASX with a market capitalisation of more than $23 billion. Ms Alexander’s role in CSL’s listing and global transformation is highlighted as relevant experience for leading a government business like Medibank through change.
Elizabeth Alexander replaces Paul McClintock as chair. She has been a non‑executive director on the Medibank Private board since October 2008, before taking on the chair role.
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