Gary Carroll has announced he will step down as CEO of Pacific Smiles (ASX: PSQ) just shy of a year into the role, having taken charge during a takeover battle that would see Genesis Capital wrest control from rival suitor National Dental Care (NDC).
Carroll stepped into the seat following the resignation of Andrew Vidler in September 2024, who left less than eight months after starting as CEO amid a turbulent period for the dental care network as a takeover target.
After Genesis Capital finally won the takeover battle against NDC, securing the target for $311 million in late November, the company also installed its founder Michael Caristo as chairman of Pacific Smiles.
“On behalf of the Board, I would like to thank Gary for his steadfast leadership over the past 12 months and for the success the business has achieved under his tenure,” Pacific Smiles chairman Dr Michael Caristo said.
“His calm hand, structured approach, and empowerment of the team have delivered excellent results. We are grateful for his stewardship of the business during this period.”
The Pacific Smiles board had long resisted approaches from Genesis, which first made a $223 million bid in December 2023. The move rekindled old rivalries with Pacific Smiles co-founder Dr Alex Abrahams, who had previously lost out to Genesis in a bid for the assets of collapsed dental group Smiles Inclusive.
Pacific Smiles was considering a $327 million takeover offer from Crescent Capital Partners-backed NDC, but Genesis used its significant stake in the company to block the deal.
After months of resistance, the Pacific Smiles board reversed its stance in late November 2024, advising shareholders to accept Genesis’ takeover bid, citing rising risks in holding the stock.
The move paved the way for Genesis to secure a majority stake and usher in a board shake-up, resulting in chairman Giselle Collins stepping down in December, with Caristo taking her place.
Two of four other non-executive directors also departed, opening seats for Genesis Capital’s Chris Yoo and Tara Hariharan.
From October 20, Michelle Dries, who has served as CFO at Greencross Vet Services and held senior roles at Qantas Loyalty and Qantas Insurance, will take over as Pacific Smiles’ new CEO.
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