Surgery Partners CEO Wayne DeVeydt leaves his post

  • Push-out Score determined
  • After about two years in the position
  • Praise for DeVeydt
  • Eric Evans taking over
  • DeVeydt will remain as Executive Chairman at Surgery Partners
  • DeVeydt said 127 words

(exechange) — Brentwood, Tennessee, January 13, 2020 — Wayne DeVeydt, chief executive of Surgery Partners, leaves his position. As announced by Surgery Partners Inc. in a news release and in a regulatory filing published on Monday, January 13, 2020, Wayne S. DeVeydt leaves his post as chief executive officer at the short-stay surgical facility owner and operator after about two years in the role, effective immediately.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 26% of the CEOs who announced their departure over the past 12 months left their posts within three years.

Wayne DeVeydt’s duties as CEO will be taken over by J.Eric Evans, most recently Chief Operating Officer of Surgery Partners Inc.

“Continue to advance the Company’s growth initiatives”

A reason for Wayne DeVeydt’s departure from the CEO post was not explicitly provided. Devin O’Reilly, a member of Surgery Partners’ Board of Directors and a Managing Director at Bain Capital, said: “Today’s announcement will continue to advance the Company’s growth initiatives and further capitalize on the strengths of the Company’s executive team.”

DeVeydt will remain as Executive Chairman at Surgery Partners

“Surgery Partners, Inc. (NASDAQ: SGRY) (“Surgery Partners” or the “Company”), a leading short-stay surgical facility owner and operator, announced the appointment of Wayne S. DeVeydt to Executive Chairman of the Board of Directors of Surgery Partners, effective immediately. Mr. DeVeydt will continue to lead the Company’s execution of its long-term strategy and business development efforts,” Surgery Partners said.

Share price increase since January 2018

The announcement follows an increase in Surgery Partners Inc.’s share price of 21% since January 2018.

In the position of CEO since 2018

Wayne DeVeydt became CEO of the Company in 2018.

Wayne S. DeVeydt has served as Chief Executive Officer and director of Surgery Partners since January 2018.

From January 2017 until January 2018, DeVeydt served as a Senior Advisor to the Global Healthcare division of Bain Capital Private Equity, LP, the investment advisor of BCPE Seminole Holdings LP, the Company’s controlling stockholder.

From May 2007 to May 2016, DeVeydt served as Executive Vice President and Chief Financial Officer of Anthem, Inc., a health insurance company.

From March 2005 to May 2007, he served as Anthem’s Senior Vice President and Chief Accounting Officer and for a portion of that time, he also served as Chief of Staff to the Chairman and Chief Executive Officer.

Prior to joining Anthem, DeVeydt served as an audit partner at PricewaterhouseCoopers LLP, focused on companies in the national managed care and insurance industries.

Since March 2016, DeVeydt has served as a director of NiSource Inc., a utilities company.

DeVeydt is also on the board of directors of Grupo Notre Dame Intermedica and previously served as a director of Myovant Sciences Ltd, a biopharmaceutical company.

DeVeydt received his B.S. in Business Administration from the University of Missouri in St. Louis.

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 Surgery Partners and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 3.2020 ($).