Selectis Health Makes Key Leadership Announcement

Rhea-AI Summary

Selectis Health (OTC: GBCS) has permanently appointed Adam Desmond as Chief Executive Officer, effective October 17, 2024. The Board of Directors has approved a salary increase for Desmond from $150,000 to $250,000 per annum. In exchange, Desmond has agreed to forgo the Company's Board Compensation stipend of $7,500 quarterly.

Desmond, who has been serving as Interim CEO since October 22, 2022, has demonstrated strong leadership over the past two years by navigating the company through challenging market conditions and focusing on long-term strategic goals. These include improving operational efficiencies, divesting non-core assets, and strengthening the balance sheet.

CFO Jim Creamer expressed confidence in Desmond's ability to advance strategic initiatives, guide the company forward, and build long-term shareholder value.

Positive

• Permanent appointment of Adam Desmond as CEO, providing leadership stability
• Desmond's proven track record in navigating challenging market conditions
• Focus on operational efficiencies and strengthening the balance sheet

Negative

• Increase in CEO salary from $150,000 to $250,000 per annum

Adam Desmond Permanently Appointed as Chief Executive Officer

GREENWOOD VILLAGE, Colo., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Selectis Health, Inc. (OTC: GBCS) ("Selectis" or the "Company") has permanently appointed Adam Desmond as Chief Executive Officer. With Desmond’s permanent appointment, the Board of Directors has approved a salary increase for Desmond from $150,000 to $250,000 per annum. Upon effectiveness of the salary increase, Desmond has agreed to forgo the Company’s Board Compensation stipend of $7,500 quarterly. Desmond’s appointment and salary increase are effective as of October 17, 2024.

Permanent Appointment of Adam Desmond as Chief Executive Officer

Adam Desmond was appointed Interim CEO on October 22^nd, 2022. Over the past two years, Desmond has demonstrated strong leadership by navigating the company through challenging market conditions and remaining focused on the Company’s long-term strategic goals including operational efficiencies, divesting non-core assets and strengthening the balance sheet.

"Adam’s leadership, vision, and deep understanding of our business have been instrumental in driving our recent progress. I have full confidence in his ability to advance our strategic initiatives, guide our company forward, and build long-term shareholder value," said current CFO Jim Creamer.

About Selectis Health

Selectis Health owns and/or operates healthcare facilities in Arkansas, Georgia, Ohio, and Oklahoma, providing a wide array of living services, speech, occupational, physical therapies, social services, and other rehabilitation and healthcare services. Selectis focuses on building strategic relationships with local communities in which its partnership can improve the quality of care for facility residents. With its focused growth strategy, Selectis intends to deepen its American Southcentral and Southeastern market presence to better serve the aging population along a full continuum of care.

For more information, please visit www.selectis.com.

Investor Relations Contact
Scott Liolios or Patrick Hall
Gateway Group, Inc.
(949) 574-3860
selectis@gateway-grp.com

FAQ

When was Adam Desmond appointed as permanent CEO of Selectis Health (GBCS)?

Adam Desmond was permanently appointed as CEO of Selectis Health (GBCS) on October 17, 2024.

What is Adam Desmond's new salary as CEO of Selectis Health (GBCS)?

Adam Desmond's new salary as CEO of Selectis Health (GBCS) is $250,000 per annum, increased from $150,000.

How long has Adam Desmond been serving as Interim CEO of Selectis Health (GBCS)?

Adam Desmond has been serving as Interim CEO of Selectis Health (GBCS) since October 22, 2022, approximately two years prior to his permanent appointment.

What are the key strategic goals Adam Desmond has focused on at Selectis Health (GBCS)?

Adam Desmond has focused on operational efficiencies, divesting non-core assets, and strengthening the balance sheet at Selectis Health (GBCS).