- Push-out Score suggests push-out forces
- After less than one year on the job
- Scott Ginn taking over
(exechange) — Baton Rouge, Louisiana, October 06, 2017 — Gary Willis, finance chief of Amedisys, leaves. It is an abrupt change. As announced by Amedisys, Inc. in a news release and in a regulatory filing published on Friday, October 06, 2017, Gary D. Willis has already left the post as Chief Financial Officer at the home health care services company after less than one year on the job, effective October 05, 2017.
No company wants a CFO to flame out in the first year.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 5 percent of the CFOs who departed over the past twelve months left within their first year. Around 21 percent left within two years, and 36 percent left within three years. Overall, the average tenure of those who left was 5.6 years, according to data compiled by exechange.
Willis’ duties are taken over by Scott Ginn, most recently Chief Accounting Officer at Amedisys, Inc.
Willis will be CFO at another healthcare company
“Gary D. Willis has resigned his position as CFO and accepted an executive vice president and CFO position with another healthcare company,” Amedisys said.
The name of the company was not immediately disclosed.
Amedisys said: “On October 5, 2017, Gary Willis resigned as the Chief Financial Officer of Amedisys, Inc. … and accepted an Executive Vice President and Chief Financial Officer position with another healthcare company.”
Share price decline
The change follows a sharp decline in the share price of Amedisys, Inc. since July 2017.
KKR holds 14.28 percent stake
Kohlberg Kravis Roberts & Co. L.P. reported a 14.28 percent stake in Amedisys, Inc. as of June 29, 2017.
Chaired by Donald A. Washburn
Amedisys, Inc. is chaired by Donald A. Washburn.
Washburn serves as Non-Executive Chairman of the Board and Lead Independent Director.
CEO: Paul Kusserow
Paul Kusserow serves as CEO of Amedisys, Inc. Paul B. Kusserow has been the Chief Executive Officer and President of Amedisys, Inc. since December 16, 2014.
On the job as CFO since 2017
Gary D. Willis served as the Chief Financial Officer at Amedisys, Inc. since January 3, 2017.
He previously served as the Executive Vice President and Chief Financial Officer of Capella Healthcare, a healthcare services company, from September 2015 through the date of its merger with RegionalCare Hospital Partners in May 2016.
Prior to Capella, Willis served as the Chief Financial Officer of Martin Ventures, a healthcare venture capital firm, from March 2014 through September 2015.
Prior to Martin Ventures, Willis served as the Senior Vice President and Chief Accounting Officer of Vanguard Health Systems, a healthcare services company, from 2008 through March 2014.
At the time of Willis’ appointment as Chief Financial Officer at Amedisys, President and CEO Paul Kusserow had said: “Gary’s financial expertise and experience in healthcare makes him an excellent addition to our executive team.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Gary Willis’ sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 42.2017 ($).