Monash IVF CEO Michael Knaap quits after two embryo mistakes since April
Michael Knaap has quit as Monash IVF boss, two days after the embattled fertility services company revealed a second embryo mix-up in less than three months.
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Monash IVF chief executive Michael Knaap has quit, two days after the group revealed a second embryo mix-up since a devastating bungle in April.
“The board acknowledges and respects his decision,” Monash IVF said in a brief statement on Thursday.
The embattled fertility services company announced on Tuesday the error at its Clayton fertility clinic.
On June 5, a patient’s own embryo was incorrectly transferred to the patient, when an embryo from the patient’s partner was supposed to be transferred as part of the couple’s treatment plan.
A high-profile mistake from 2023 came to light in April involving a Brisbane patient giving birth to another couple’s baby following a mix-up.
Monash IVF apologised for that debacle, and said it was conducting an internal investigation into how it occurred. It also said it is “expanding the scope” of the review into the Brisbane incident.
Since then, Monash IVF has blamed the embryo mix-up on “human error”.
“The human error was identified … following the birth parents requesting the transfer of their remaining embryos to another IVF provider. Instead of finding the expected number of embryos, an additional embryo remained in storage for the birth parents,” Monash IVF said at the time.
In May, the company downgraded its earnings guidance, forecasting underlying profit of $27.5m for the year ending June 30. That was down from its guidance of between $30m and $31m in February.
On Thursday, Monash IVF said Knaap has “led the organisation through a period of significant growth and transformation, and we thank him for his years of dedicated service”.
Monash IVF chief financial officer Malik Jainudeen has been appointed as acting CEO.
Mr Jainudeen joined Monash IVF in 2014, and took over as CFO and company secretary in 2019.
“His deep understanding of the organisation’s operations, positions him as a steady and capable leader during this transitional period. With a background that includes 10 years at KPMG managing audits for major ASX-listed companies, Malik combines financial understanding with a comprehensive knowledge of the healthcare sector,” Monash IVF said.
Mr Jainudeen’s remuneration will remain the same until further notice.
The shares rose 9 per cent to 66c. Monash IVF’s market cap has dropped 50 per cent since the first embryo mix-up was publicly disclosed.
Originally published as Monash IVF CEO Michael Knaap quits after two embryo mistakes since April
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