- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Flanagan
- Lee Rivas taking over
- Flanagan said 81 words
(exechange) — Murray, Utah, November 8, 2022 — Joe Flanagan, chief executive of R1 RCM, leaves his position. As announced by R1 RCM Inc. in a news release and in a regulatory filing published on Tuesday, November 8, 2022, Joseph G. (Joe) Flanagan leaves his post as chief executive officer at the revenue cycle management company servicing hospitals, after almost seven years in the role, effective January 1, 2023.
Joe Flanagan’s duties as CEO will be taken over by Lee Rivas, currently President at R1 RCM Inc.
“To spend more time with his family”
Joe Flanagan’s departure from the CEO post is explained as follows. Anthony J. Speranzo, Chair of the R1 Board, said: “After almost 10 years with the Company, Joe has been transparent about his desire to transition from the CEO role in order to spend more time with his family.”
Precise information regarding Joe Flanagan’s future plans was not immediately available.
“Step down”
R1 RCM said: “Mr. Flanagan will step down effective January 1, 2023, following a distinguished nearly 10-year career with R1, and will continue to serve as a member of the Company’s Board.”
Share price decline since November 2021
The announcement follows a decline in R1 RCM Inc.’s share price of 32% since November 2021.
In the position of CEO since 2016
Joe Flanagan became CEO of the Company in 2016.
As part of a planned succession process, Flanagan will transition to serve as Executive Advisor to the CEO.
Flanagan serves as Chief Executive Officer and member of the R1 Board.
He also served as President, Chief Executive Officer and member of the R1 Board from May 2016 to June 2022.
Before joining R1 as Chief Operating Officer in April 2013, he was senior vice president of worldwide operations and supply chain at Applied Materials, Inc. from 2010 to 2013.
He also held leadership positions up to President of Nortel Business Services for Nortel Networks from 2006 to 2010.
Prior to Nortel, his executive trajectory began while working for General Electric (GE), holding management positions in many divisions from 1993 to 2006.
Currently, he also serves on the board directors of GoHealth.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Joe Flanagan’s move on a scale of 0 to 10.
exechange reached out to R1 RCM and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2022 ($).