- After seven years in the position
- Praise and thanks for Abdou
- Aric Coffman taking over
- Abdou will remain as Vice Chairperson of the Board at P3
- Abdou said 61 words
(exechange) — Henderson, Nevada, May 9, 2024 — Sherif Abdou, chief executive of P3, leaves his position. As announced by P3 Health Partners Inc. in a news release published on Wednesday, May 8, 2024, and in a regulatory filing published on Thursday, May 9, 2024, Sherif Abdou leaves his post as chief executive officer at the population health management company, after seven years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Sherif Abdou’s duties as CEO will be taken over by Aric Coffman, previously Chief Executive Officer at Honest Medical Group, a Rubicon Founders portfolio company.
The fact that Sherif Abdou’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.
“Now is the right time”
The management change is explained as follows. Mark Thierer, P3’s Chairman of the Board, stated: “Sherif and I agree that now is the right time to bring in new leadership, and Dr. Aric Coffman is exceptionally well-suited to advance our long-term strategy.”
Abdou will remain as Vice Chairperson of the Board at P3
P3 stated: “Dr. Abdou will remain on the Board and, in connection with the foregoing transition, the Board appointed Dr. Abdou as Vice Chairperson of the Board.”
“Resigned”
P3 said: “P3 Health Partners Inc. … …, today named Dr. Aric Coffman as P3’s Chief Executive Officer, effective as of May 8, 2024, succeeding Dr. Sherif Abdou, P3’s Co-Founder.”
P3 further said: “Dr. Coffman succeeds Sherif Abdou, M.D., who resigned from his positions as Chief Executive Officer and President of the Company effective as of the Effective Time [12:00 p.m. Eastern Time on May 8, 2024].”
“Did not result from any disagreement”
P3 stated, regarding the change: “Dr. Abdou’s resignation did not result from any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
Share price decline since May 2023
The announcement follows a decline in P3 Health Partners Inc.’s share price of 49% since May 2023.
In the position of CEO since 2017
Sherif Abdou became CEO of the Company in 2017.
Abdou will continue to serve as a Strategic Advisor to P3, and a member of the Company’s Board of Directors working closely with Coffman to ensure a smooth transition.
Sherif Abdou, M.D. is a co-founder of P3 and has served as P3’s Chief Executive Officer and on the Legacy P3 Board of Managers since 2017 and as a Director of the Company since December 2021.
Abdou served as Chief Executive Officer of P3 Health Group from 2015 to 2017.
Abdou received a Bachelor of Medicine and Surgery degree from Mansoura University and a Master of Medical Management degree from the University of Southern California.
Abdou was selected to serve on the Company’s board of directors for his experience in the healthcare industry, his role as one of P3’s founders and his service as P3’s Chief Executive Officer.
61 words by Sherif Abdou
In the release announcing his departure as CEO of P3 Health Partners Inc., Sherif Abdou received praise and thanks.
In the release announcing his departure as CEO, Sherif Abdou said 61 words.
“Great satisfaction”
Sherif Abdou stated: “I am extremely proud of and grateful to the team we have built at P3 Health Partners. We started P3 in 2017 and built the company into one of the leading value-based care platforms today. It gives me great satisfaction to be able to attract someone of Dr. Coffman’s reputation and accomplishment to lead P3’s next chapter of growth and success.”
The above text is an excerpt from the exechange report 20.2024 ($), publication date May 13, 2024.