- After less than two years in the position
- Praise and thanks for Hively
- Daniel Virnich taking over
- Hively will remain as Vice Chairman at Oncology Institute
- Hively said 96 words
(exechange) — Cerritos, California, June 12, 2023 — Brad Hively, chief executive of Oncology Institute, leaves his position — “by mutual agreement.” As announced by Oncology Institute Inc. in a news release and in a regulatory filing published on Monday, June 12, 2023, Brad Hively leaves his post as chief executive officer at the community oncology group, after less than two years in the role, effective June 30, 2023.
Brad Hively’s duties as CEO will be taken over by Daniel Virnich, currently President at Oncology Institute Inc.
“Now is the right time”
The management change is explained as follows. Hively stated: “I began my service to TOI as a Board Member, and now is the right time for me to transition back into a Board role, and for Dr. Virnich to take over as CEO to build on our strong foundation of high-quality, cost-effective oncology care.”
Hively will remain as Vice Chairman at Oncology Institute
Oncology Institute stated: “Mr. Hively will transition to the role of Vice Chairman of the Board of Directors.”
“Step down/resignation”
Oncology Institute said: “The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the “Company”), one of the largest value-based community oncology groups in the United States, today announced that, by mutual agreement with the Board of Directors, Brad Hively will step down as Chief Executive Officer effective June 30, 2023.”
Oncology Institute further said: “On June 11, 2023, Brad Hively provided notice of his resignation as Chief Executive Officer of The Oncology Institute, Inc. (the “Company”), effective June 30, 2023 (the “Effective Date”).”
“Not the result of any disagreement”
Oncology Institute stated, regarding the change: “Mr Hively’s resignation was not the result of any disagreement between Mr. Hively and the Company on any matter relating to the Company’s operations, policies or practices.”
Share price decline since June 2022
The announcement follows a decline in Oncology Institute Inc.’s share price of 93% since June 2022.
In the position of CEO since 2021
Brad Hively became CEO of the Company in 2021.
Brad Hively has served as the Company’s Chief Executive Officer and director on the Company’s Board since November 2021, and before that for Legacy TOI since 2019, having previously served as a member of the board of directors since 2018.
Prior to joining TOI, Hively served as a principal for RLH Equity Partners from 2016 to 2019 and continues to serve as a Strategic Advisor for RLH.
Hively served as President of Health Essentials, which provided high-touch, value-based care to post-acute and palliative care patients from 2014 to 2015.
Prior to Health Essentials, from 2009 to 2014, Hively served as Senior Vice President of Operations at Heritage Provider Network, one of the largest physician groups in the U.S., and one of the pioneers of value-based care.
Hively also held roles with several leading private equity firms, including TA Associates, General Atlantic, and RLH Equity Partners.
Hively holds a B.A. in Business Economics from the University of California, Los Angeles and an M.B.A. from the Stanford University Graduate School of Business.
96 words by Brad Hively
In the news release announcing his departure as CEO of Oncology Institute Inc., Brad Hively received praise and thanks.
In announcing his departure, Brad Hively said 96 words.
“Build on our strong foundation”
Brad Hively stated: “As we approach the 5-year anniversary of my involvement with TOI, I reflect with pride on the company we have built, the culture we have developed, and the patient care we have delivered. I began my service to TOI as a Board Member, and now is the right time for me to transition back into a Board role, and for Dr. Virnich to take over as CEO to build on our strong foundation of high-quality, cost-effective oncology care. As Vice Chairman I will focus my efforts on TOI’s strategic partnerships, growth opportunities, talent development, and governance.”
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 311 CEO departures in the Russell 3000 Index evaluated over the past 12 months (June 12, 2022, to June 11, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or pursuit of other opportunities were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Brad Hively’s move determined
The Push-out Score regarding Brad Hively’s move is explained point by point in the exechange report.
exechange reached out to Oncology Institute and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2023 ($).