Mayfield Childcare appoints Daniel Stone as new CEO

MELBOURNE: Mayfield Childcare Limited (ASX:MFD) announced Tuesday the appointment of Daniel Stone as its new Chief Executive Officer, effective April 8, 2025. Stone will succeed Ashok Naveinthiran, who is set to retire on March 10, 2025.

Stone joins Mayfield from TheirCare Pty Ltd, where he served as Chief Operating Officer and Deputy CEO. During his tenure at TheirCare, a provider of Outside School Hours Care (OSHC), Stone played a pivotal role in expanding the company from 220 to 497 locations, overseeing a team of more than 3,600 employees. His leadership was instrumental in driving operational efficiency and commercial growth.

“I’m honored to step into the role of CEO at Mayfield,” Stone said in a statement. “There is a critical demand for high-quality, accessible childcare that continues to grow. I see immense potential to continue to elevate the quality of care Mayfield provides to support attendance growth while delivering on the fundamentals of governance and control to support operational efficiency across the organization.”

Mayfield Chair Roseanne Healy expressed confidence in Stone’s ability to lead the company. “Daniel has had significant executive leadership experience in large, complex operations managing growth,” Healy said. “He also has the necessary operational and sector credentials to build and grow the company. Daniel’s background will strengthen our commitment to delivering exceptional experiences for children, families, and all our employees across our centers.”

Healy also acknowledged the contributions of outgoing CEO Ashok Naveinthiran, who led Mayfield for the past 2.5 years. “The Board extends its deep appreciation to Ashok for his leadership and contributions to Mayfield,” she said.

Mayfield Childcare operates 45 long day care centers across Victoria, Queensland, and South Australia, serving over 3,600 Australian families.

Stone’s employment agreement includes an annual salary of $370,000, excluding superannuation. He is eligible for a short-term incentive of up to 30% of his total fixed remuneration, based on performance targets set by the Board. Additionally, Stone may participate in a long-term incentive program, which could amount to up to 35% of his total fixed remuneration, subject to achieving key performance indicators.

The agreement includes a six-month probationary period, during which either party may terminate the contract with three months’ notice. After the probationary period, six months’ notice is required for termination by either party.

Stone brings extensive experience in the childcare and OSHC sectors. Prior to his role at TheirCare, he held leadership positions at KidsCo Australia, Junior Adventures Group, and Camp Australia. He holds a Bachelor of Business in Marketing and Finance from Bond University.

Mayfield Childcare Limited, headquartered in Hawthorn, Victoria, is committed to providing high-quality childcare services across Australia.