- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Smith
- Search for a successor
- Smith said 92 words
(exechange) — Scottsdale, Arizona, July 30, 2019 — Barry Smith, chief executive of Magellan Health, leaves. As announced by Magellan Health Inc. in a news release and in a regulatory filing published on Tuesday, July 30, 2019, Barry M. Smith leaves his post as chief executive officer at the health care company after about six and a half years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.4 years, according to data compiled by exechange.
Smith will continue to serve as chief executive officer and as a member of the Board of Directors to ensure a smooth and orderly transition.
Magellan Health will undertake a search for a successor.
“Next phase of growth”
A reason for Barry Smith’s departure from the CEO post was not explicitly provided. Steven J. Shulman, who currently serves on the Board as a director and has been elected Chairman of the Board, said: “We are excited about the Company’s prospects and look forward to continuing our support of this important work as we find the right successor to lead this great Company through the next phase of growth.”
Precise information regarding Barry Smith’s future plans was not immediately available.
Magellan Health said: “Barry M. Smith, chairman and chief executive officer of Magellan Health, has decided to retire.”
Magellan Health further said: “On July 29, 2019, Barry M. Smith, Chairman and Chief Executive Officer of Magellan Health, Inc., notified its Board of Directors that he intends to retire.”
Share price decline
The announcement follows a decline in Magellan Health, Inc.’s share price of 37% since April 2018.
In the position of CEO since 2013
Barry Smith became CEO of the Company in January 2013.
Barry M. Smith was elected to the board in 2011 and was named chief executive officer in January 2013 and executive chairman in January 2014.
He previously served as a director from 2004 to 2008.
Prior to 2013, Smith served as an operating partner for Health Evolution Partners, a private fund which invests in rapidly growing companies across the healthcare industry.
He also previously served as chief executive officer and chairman of B&J Associates, Inc. and B&J Smith Investments, LLC, both of which are private investment management companies.
He founded and served as chairman, president and chief executive officer of VistaCare, Inc., a national provider of hospice services, from 1996 to 2002, and he served as chairman of VistaCare in 2003.
Smith currently serves on the board of directors of The Ensign Group, Inc. (NASDAQ: ENSG), a diversified provider of healthcare services.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Magellan Health and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2019 ($).