- After five years on the job
- Laud, praise and thanks for McDonough
- Position is currently not filled
- Responsibilities redistributed
(management-change.com) — Beverly, Massachusetts, November 10, 2016 — John McDonough, operating chief of American Renal, leaves. It is a change at short notice. As announced by American Renal Associates Holdings, Inc. in a news release and in a regulatory filing published on Thursday, November 10, 2016, John McDonough leaves the post as Chief Operating Officer at the provider of outpatient dialysis services in a surprising move after five years on the job, effective December 31, 2016.
In many companies, the chief operating post is a steppingstone to the CEO suite.
The position of Chief Operating Officer is currently not filled. John McDonough’s responsibilities are redistributed.
No reason given
In the announcement, American Renal did not explicitly explain the reason for McDonough’s imminent move, leaving room for speculation.
Generally speaking, it is often an alarm signal for stockholders when a top leader leaves the post at short notice and without a reasonable explanation.
“Has agreed to step down”
American Renal said: John McDonough “has agreed to step down from his role as Executive Vice President, Chief Operating Officer and Treasurer, effective December 31, 2016”.
Precise information about the future plans of McDonough was not immediately available.
Chaired by Joseph Carlucci
American Renal Associates Holdings, Inc. is chaired by Joseph Carlucci.
Joseph A. Carlucci is a co-founder of the company and Chief Executive Officer. Carlucci has served as the chairman of the board of directors since 2012.
On the job as COO since 2011
McDonough has been Chief Operating officer of American Renal Associates LLC since 2011.
McDonough is Executive Vice President, Chief Operating Officer and Treasurer.
McDonough served on the board of directors from 2012 to August 2015.
McDonough was appointed as Chief Operating Officer in 2011 and Treasurer in 2012.
Prior to being appointed Chief Operating Officer, McDonough served as Executive Vice President and Chief Financial Officer from 2003 to 2011.
McDonough has more than 24 years of experience in accounting and finance.
Prior to joining American Renal, from 1998 to 2001, McDonough served as Vice President and Chief Accounting Officer at DaVita Healthcare Partners Inc.
Prior to that, McDonough was Chief Financial Officer at Palatin Technologies, Inc. from 1995 to 1997 and Chief Financial Officer at MedChem Products, Inc. from 1990 to 1995.
Previously, McDonough served as audit manager and held other positions at KPMG Peat Marwick.
McDonough holds a B.S. degree in Accounting from Bentley University and an M.B.A. from Harvard Business School.
American Renal and McDonough expect to enter into a consulting arrangement for a period after December 31, 2016.
Read the full story in the management-change.com report 42.2016 ($).