- After about two and a half years in the position
- Brian Evans taking over
(exechange) — Boca Raton, Florida, November 30, 2023 — Jose Gordo, chief executive of Geo Group, leaves his position — “following discussions.” As announced by Geo Group Inc. in a news release on Thursday, November 30, 2023, Jose Gordo leaves his post as chief executive officer at the corporation that invests in private prisons and mental health facilities, after about two and a half years in the role, effective December 31, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Jose Gordo’s duties as CEO will be taken over by Brian R. Evans, currently Chief Financial Officer at Geo Group Inc.
Shayn March, Executive Vice President, Finance and Treasurer, has been appointed Acting Chief Financial Officer, effective January 1, 2024. The Company and its Board of Directors will work with an external search firm to identify a permanent Chief Financial Officer.
Jose Gordo’s move coincides with a management shake-up also involving the position of President and Chief Operating Officer.
“Following discussions between Geo and its Chief Executive Officer”
The management change is explained as follows. Geo Group stated: “[F]ollowing discussions between Geo and its Chief Executive Officer, Jose Gordo, the parties have agreed that Mr. Gordo will be departing as Chief Executive Officer and as a Board member on mutually agreeable terms and transitioning to the role of an advisor, effective December 31, 2023.”
Precise information regarding Jose Gordo’s future plans was not immediately available.
Share price increase since July 2021
The announcement follows an increase in Geo Group Inc.’s share price of 46% since July 2021. July 2021 is the month in which Gordo’s tenure as CEO began.
In the position of CEO since 2021
Jose Gordo became CEO of the Company in 2021.
The Company stated: “Under the agreed terms of his departure, Gordo will enter into a fixed, 18-month advisory services agreement upon payment terms agreed to by the parties, pursuant to which Gordo will advise the Company with respect to litigation, client relations, operational issues, growth opportunities, financial management, and debt restructuring. The Company is seeking to continue Gordo’s services in these specific areas to benefit from his many years of experience in the industry, the deep relationships he has forged inside the Company and with its industry partners, his global operating perspectives, and his specific expertise in a specialized industry.”
Gordo was appointed by the Board as the successor Chief Executive Officer of The Geo Group, Inc. effective as of July 1, 2021.
Gordo has served as a director of Geo since October 2019.
Gordo has over 20 years of experience in business management, private equity, corporate finance and business law.
Prior to joining Geo, Gordo had been serving as the CEO of a general partnership that invests in and actively oversees small and medium-sized privately held companies, with a focus on the healthcare, technology and consumer products industries.
From 2013 to early 2017, Gordo served as the Chief Financial Officer of magicJack Vocaltec Ltd., a publicly-traded company in the telecommunications industry.
Prior to that position, Gordo served as a Managing Director at The Comvest Group, a Florida-based private equity firm.
Gordo was also previously a partner at the national law firm of Akerman LLP, where he specialized in corporate law matters, advising public and private companies and private equity firms on mergers and acquisitions and capital markets transactions.
He received a J.D. degree from Georgetown University Law Center and a B.A. degree from the University of Miami.
No statement by Jose Gordo
The announcement of his departure as CEO does not include a statement by Jose Gordo.
Push-out Score for Jose Gordo’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jose Gordo was pushed out or felt pressure to leave his position.
exechange reached out to Geo Group and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2023 ($).