Skilled Healthcare Group Announces Pending CEO Retirement and Leadership
FOOTHILL RANCH, Calif., July 1, 2013
FOOTHILL RANCH, Calif., July 1, 2013 /PRNewswire/ -- Skilled Healthcare Group,
Inc. (NYSE: SKH) today announced that its Chairman and Chief Executive
Officer, Boyd Hendrickson, has informed the Company's Board of Directors that
he intends to retire from his role as Chief Executive Officer around the end
of 2013. "While long-term care has been my life for over 40 years, including
the last 10 with Skilled Healthcare, I will be turning 69 near the end of this
year and I've decided that it's time for me to start moving toward
retirement," said Mr. Hendrickson. "I will be working with the Board to
ensure a smooth transition for my successor." The Company's Board of
Directors will engage a leading executive search firm with extensive
experience in healthcare executive placements to identify both internal and
external candidates to succeed Mr. Hendrickson.
The Company also announced that, as part of a restructuring of its
administrative services company operations, Devasis Ghose will be leaving the
Company effective July 31, 2013. Mr. Ghose's current service as the Company's
Executive Vice President, Treasurer and Chief Financial Officer will end
effective July 8, 2013, but he will remain with the Company through the end of
July to assist in the Company's ongoing HUD financing efforts and preparation
of the Company's second quarter financial statements. "We want to thank Dev
for all of his hard work and commitment over the 5 plus years that he has been
with us. We wish him the best in his future endeavors," said Mr.
Hendrickson. Christopher N. Felfe will serve as Acting Chief Financial
Officer beginning July 8, 2013. Mr. Felfe has served as the Company's Senior
Vice President, Finance and Chief Accounting Officer (principal accounting
officer) since August 2007. The Senior Vice President, Finance and Chief
Accounting Officer position is being eliminated, but Mr. Felfe will continue
to serve as principal accounting officer in his new role.
The Company also announced that, as part of the restructuring, Matt Moore,
Executive Vice President of Inpatient Operations of Skilled Healthcare, LLC
will directly manage facilities in our Tyler and Longview, Texas market with
the elimination of his current position. "We are thrilled that Matt is
willing to once again use his considerable skills and experience as a nursing
home administrator and leader to improve quality and operations in Texas,"
said Jose Lynch, the Company's President and Chief Operating Officer. "I look
forward to the positive results that we all expect will come from Matt's
service in his new role."
About Skilled Healthcare Group, Inc.
Skilled Healthcare Group, Inc., based in Foothill Ranch, California, is a
holding company with subsidiary healthcare services companies, which in the
aggregate had trailing twelve month revenue of approximately $872 million and
approximately 15,000 employees as of March 31, 2013. Skilled Healthcare Group
and its wholly-owned companies, collectively referred to as the "Company,"
operate long-term care facilities and provide a wide range of post-acute care
services, with a strategic emphasis on sub-acute specialty health care. The
Company operates long-term care facilities in California, Iowa, Kansas,
Missouri, Nebraska, Nevada, New Mexico and Texas, including 74 skilled nursing
facilities that offer sub-acute care and rehabilitative and specialty health
skilled nursing care, and 22 assisted living facilities that provide room and
board and social services. In addition, the Company provides physical,
occupational and speech therapy in Company-operated facilities and
unaffiliated facilities. Furthermore, the Company provides hospice and home
health care in Arizona, California, Idaho, Montana, New Mexico and Nevada. The
Company leases 5 skilled nursing facilities in California to an unaffiliated
third party operator. More information about Skilled Healthcare is available
Forward Looking Statements
This release includes "forward-looking statements." You can identify these
statements by the fact that they do not relate strictly to historical or
current facts. These statements contain words such as "may," "will,"
"project," "might," "expect," "believe," "anticipate," "intend," "could,"
"would," "estimate," "continue" or "pursue," or the negative or other
variations thereof or comparable terminology. They include statements about
Skilled Healthcare's expectations regarding its leadership changes. These
forward-looking statements are based on current expectations and projections
about future events, including the assumptions stated in this release.
Investors are cautioned that forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties that cannot
be predicted or quantified and, consequently, the actual performance of
Skilled Healthcare may differ materially from that expressed or implied by
such forward-looking statements. Additionally, the Company faces a number of
other risks and uncertainties, including, but not limited to, the factors
described in Skilled Healthcare's Annual Report on Form 10-K for the year
ended December 31, 2012 filed with the Securities and Exchange Commission
(including the sections entitled "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" contained
therein) and in our subsequent reports on Form 10-Q and Form 8-K. Any
forward-looking statements are made only as of the date of this release.
Skilled Healthcare disclaims any obligation to update the forward-looking
statements. Investors are cautioned not to place undue reliance on these
Skilled Healthcare Group, Inc.
SOURCE Skilled Healthcare Group, Inc.
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