- Push-out Score determined
- After around 17 years in the position
- Praise and thanks for Medel
- Mark Ordan taking over
- Medel said 75 words
(exechange) — Fort Lauderdale, Florida, July 13, 2020 — Roger Medel, chief executive of Mednax, leaves. As announced by Mednax Inc. in a news release and in a regulatory filing published on Monday, July 13, 2020, Roger J. Medel has left his post as chief executive officer at the provider of maternal-fetal, newborn and pediatric subspecialty care after around 17 years in the role, effective July 12, 2020.
It is the end of an era.
Roger Medel’s duties as CEO will be taken over by Mark S. Ordan, most recently Chief Executive Officer of Quality Care Properties, Inc.
The fact that Roger Medel’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
The Company today also announced that its Board has appointed five new directors: Thomas A. McEachin, Mark S. Ordan, Guy P. Sansone, John M. Starcher, Jr. and Shirley A. Weis.
Commensurate with these appointments, current directors Cesar L. Alvarez, Michael B. Fernandez, Pascal J. Goldschmidt, M.D., Carlos A. Migoya and Enrique J. Sosa, Ph.D. have stepped down from the Board. Sansone has succeeded Alvarez as Chair of the Board. These changes are effective immediately.
“Agreement that Mednax has reached with Starboard Value”
Roger Medel’s departure from the CEO post is explained as follows. Mednax said: “These announcements are pursuant to an agreement that Mednax has reached with Starboard Value LP and its affiliates (“Starboard”), an investment firm which owns approximately 9.9% of Mednax’s outstanding common stock.”
Precise information regarding Roger Medel’s future plans was not immediately available.
“Retired”
Mednax said: “[T]he Company’s Board of Directors has appointed Mark S. Ordan as Chief Executive Officer, succeeding Roger J. Medel, M.D., the Company’s founder.”
Mednax further said: “On July 12, 2020, Dr. Medel, the Chief Executive Officer of the Company and a member of the Board, retired from his capacity as Chief Executive Officer, effective immediately.”
Share price decline
The announcement follows a decline in Mednax Inc.’s share price of 76% since July 2015.
In the position of CEO since 2003
Roger Medel became CEO of the Company in 2003.
Medel will remain a member of the Board until the 2021 Annual Meeting of Shareholders.
Roger J. Medel, M.D., has been a Director of the Company since he co-founded it in 1979.
Medel served as the Company’s President until May 2000 and as Chief Executive Officer until December 2002.
In March 2003, Medel reassumed the position of President, serving in that position until May 2004, and Chief Executive Officer.
Medel has served as a member of the Board of Trustees of the Dana Farber Cancer Institute, Inc. since January 2016.
Medel was a member of the Board of Trustees of the University of Miami from January 2004 to February 2012.
Medel participates as a member of several medical and professional organizations and, from June 2006 to April 2009, served on the Board of Directors of MBF Healthcare Acquisition Corp.
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 Mednax and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2020 ($).