- Push-out Score determined
- After 27 years in the position
- Jose Gordo taking over
- Zoley will remain as Executive Chairman at Geo
- Zoley said 63 words
(exechange) — Boca Raton, Florida, June 1, 2021 — This news came the day after Memorial Day. George Zoley, chief executive of Geo, leaves his position. As announced by Geo Group Inc. in a news release and in a regulatory filing published on Tuesday, June 1, 2021, George C. Zoley leaves his post as chief executive officer at the real estate investment trust that invests in private prisons and mental health facilities after 27 years in the role, effective July 1, 2021.
It is the end of an era.
George Zoley’s duties as CEO will be taken over by Jose Gordo, currently Independent Director and Chair of the Nominating and Corporate Governance Committee of the Board of Directors at Geo Group Inc.
It is a generational change as well. Jose Gordo is about 23 years younger than George Zoley.
“It is in the best interests of the Company”
George Zoley’s departure from the CEO post is explained as follows. Geo said: “The Board of Directors (the “Board”) of The Geo Group, Inc. (“Geo” or the “Company”) has determined that it is in the best interests of the Company to implement a succession plan for the Chief Executive Officer position given that the Company’s Founder, Chairman and Chief Executive Officer, George C. Zoley, is 71 years old and has served with the Company for approximately forty years. The primary objectives of the Board in initiating a succession plan were to secure Mr. Zoley’s services on a long-term basis to ensure a proper senior management transition, and to retain a new Chief Executive Officer that would succeed Mr. Zoley in that role. This change will allow Mr. Zoley the ability to focus on planning of the Company’s future.”
Zoley will remain as Executive Chairman at Geo
“Geo’s Chairman, Chief Executive Officer and Founder, George C. Zoley, will transition to the position of Executive Chairman of Geo’s Board of Directors under a new five-year employment agreement with subsequent automatic one-year renewals,” Geo said.
Share price decline since June 2017
The announcement follows a decline in Geo Group Inc.’s share price of 83% since June 2017.
In the position of CEO since 1994
George Zoley became CEO of the Company in 1994.
Zoley is Geo’s Chairman of the Board, Chief Executive Officer and Founder.
He served as Geo’s Vice Chairman and Chief Executive Officer from January 1997 to May of 2002.
Zoley has served as Geo’s Chief Executive Officer since the company went public in 1994.
Prior to 1994, Zoley served as President and Director since Geo’s incorporation in 1988.
Zoley founded Geo in 1984 and continues to be a major factor in Geo’s development of new business opportunities in the areas of correctional and detention management, community reentry, electronic monitoring, offender rehabilitation, and other diversified government services.
Zoley also serves as a director of several business subsidiaries through which The Geo Group, Inc. conducts its operations worldwide.
Zoley has bachelor’s and master’s degrees in Public Administration from Florida Atlantic University (FAU) and a Doctorate Degree in Public Administration from Nova Southeastern University (NSU).
For seven years, Zoley served as a member of the Board of Trustees of Florida Atlantic University in Boca Raton, Florida, and previously served as Chairman of the Board of Trustees.
Zoley was born in Florina, Greece and was the recipient of the Ellis Island Medal of Honor in 2002.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding George Zoley’s move on a scale of 0 to 10.
exechange reached out to Geo and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2021 ($).