Born to Greek Cypriot parents who migrated to Australia in 1950, George Savvides has been revered as the masterstroke behind Medibank’s survival.
Savvides was the first in his family to attend university, having studied industrial engineering at the University of NSW.
Upon graduating, he joined corporate life and on the back of the advice of his MBA-qualified manager he decided to follow a similar career path.
He went back to university and completed a master of business administration at the University of Technology, Sydney, which saw his career opportunities spike. He was approached by McPherson Metals on the back of his thesis, which looked at how Japanese manufacturing processes could be applied in this country.
He then joined British-based medical supplier Smith & Nephew in Australia, becoming its CEO, before joining pharmaceutical company Sigma Pharmaceutical Group.
Savvides then joined the board of Medibank in 2001 before becoming its CEO in April the following year.
His first year was tumultuous, with the company announcing a $176 million loss. But after 12 years at the company, including a complete overhaul which saw a $131 million profit in 2005, the company is now bracing for privatisation, with experts suggesting as much as a $4.1 to $5.7 billion financial reward.
Source: The Australian