- After almost 13 years on the job
- Laud, praise and good wishes for Grinney
(management-change.com) — Birmingham, Alabama, October 27, 2016 — Jay Grinney, chief executive of HealthSouth, hands over the reins. As announced by HealthSouth Corporation in a news release and in a regulatory filing published on Thursday, October 27, 2016, Jay F. Grinney, Chief Executive Officer, leaves the operator of inpatient rehabilitative hospitals after almost 13 years on the job, effective December 31, 2016.
It is the end of an era.
Grinney’s duties are taken over by Mark J. Tarr, currently Chief Operating Officer at HealthSouth Corporation.
The move is part of a management shake-up.
“Planned transition … at a time of strength and growth”
Grinney’s departure is explained as follows. Grinney said: “This planned transition comes at a time of strength and growth for HealthSouth.”
“After ongoing consultation”
HealthSouth said: “After ongoing consultation with the Board of Directors … of HealthSouth Corporation … as part of its succession plan in development for some time, on October 25, 2016, Mr. Jay Grinney, age 65, notified the Company that he intends to retire as President and Chief Executive Officer effective December 31, 2016.”
Precise information about the future plans of Grinney was not immediately available.
Glenview holds 7.99 percent stake
Glenview Capital Management, LLC reported a 7.99 percent stake in HealthSouth Corporation as of June 30, 2016. Glenview is a hedge fund under the management of Larry Robbins.
Chaired by Leo I. Higdon Jr.
HealthSouth Corporation is chaired by Leo I. Higdon Jr.
Leo I. Higdon Jr. served as president of Connecticut College from July 1, 2006 to December 31, 2013, when he retired.
On the job as CEO since 2004
Jay Grinney has served as president, chief executive officer, and a director of HealthSouth Corporation since May 2004.
HealthSouth is one of the nation’s largest providers of post-acute healthcare services, offering both facility-based and home-based post-acute services in 33 states and Puerto Rico through its network of inpatient rehabilitation hospitals, home health agencies, hospice agencies and outpatient rehabilitation clinics.
Prior to joining HealthSouth, Grinney was president of the eastern group at Hospital Corporation of America (NYSE: HCA), the nation’s largest healthcare company.
Before joining HCA, Grinney served as a senior vice president at The Methodist Hospital System in Houston, the primary teaching affiliate for the Baylor College of Medicine.
Grinney also serves as a director of Energen Corporation (NYSE: EGN), where he is on the audit and compensation committees, and of the privately-held Coca-Cola Bottling Company United, Inc.
Grinney is involved with a number of community organizations, serving on the boards of directors of the Birmingham Business Alliance, where he is on its executive committee, the Community Foundation of Greater Birmingham where he is chairman of the audit committee, and the Public Affairs Research Council of Alabama.
He previously served as chairman of the board of directors of the Federation of American Hospitals, and as a director on the boards of directors of the Birmingham Civil Rights Institute and the United Way of Central Alabama.
After receiving a bachelor’s degree from St. Olaf College, Grinney earned both a Master of Business Administration and a Master of Healthcare Administration from Washington University.
Grinney will serve as a consultant to HealthSouth until March 31, 2017.
No significant signs for push-out forces
The Push-out Score™ determined by management-change.com suggests no significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 40.2016 ($).