Genesis HealthCare Announces New Market-Focused Model and Leadership Changes
Genesis Healthcare (OTC: GENN) announced a shift to a market-focused model aimed at creating a vertically integrated healthcare system. This reorganization emphasizes local centers and dedicated teams to improve services for residents and patients. Several leadership changes were also disclosed, as Chief Operating Officer Paul Bach, Chief Nursing Officer JoAnne Reifsnyder, and Chief Financial Officer Tom DiVittorio are set to leave the company. New appointments include Melissa Powell as COO and Orrin Feingold as CFO, tasked with executing a 100-day plan to enhance revenue and reduce costs.
- Shift to a market-focused model expected to drive long-term performance and community integration.
- New leadership with experience in improving senior care and financial management.
- Implementation of a 100-day plan aimed at revenue growth and cost reduction.
- Departures of key executives may raise concerns over leadership continuity.
- Potential experience gaps due to the exit of long-serving officials.
KENNETT SQUARE, Pa., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Genesis Healthcare, Inc. (Genesis, or the Company) (OTC: GENN), a leading post-acute care provider, announced a shift to a market-focused model. The model is designed to build out a vertically integrated community-based healthcare system in every market, supported by centralized resources. Whether through skilled nursing facilities, assisted living communities, rehabilitation therapy, physician services or other ancillary services, this approach will help drive community integration and long-term performance.
The shift to a market-focused model is the next step in the Company’s turnaround plan. The reorganization puts the local centers and their people at the core of the business while providing the highest-quality care and experience for residents and patients. The more empowered and accountable each market is, the better those centers can fulfill their mission.
Under the market-focused model, each center is supported by a specific market team whose sole purpose is to help the center succeed in better serving residents and patients and driving improvements. A national team will continue to provide support for functions best handled in a centralized way.
“We are excited to move Genesis to the market-focused model,” states David Harrington, the Company’s Executive Chairman of the Board. “I have spent much of my career building this framework and have successfully utilized this strategy to drive performance within other organizations. The Company’s new and existing leadership will continue to move aggressively to drive improvement and results. ”
Leadership Changes
Genesis also announced several leadership changes today. Chief Operating Officer, Paul Bach; Chief Nursing Officer, JoAnne Reifsnyder; and Chief Financial Officer, Tom DiVittorio, have each provided notice that they will leave the Company. The departures of Mr. Bach and Dr. Reifsnyder will be effective December 1, 2021, while Mr. DiVittorio’s departure will occur on February 1, 2022.
“On behalf of the Board, I would like to thank Paul, JoAnne and Tom for their decades of leadership and commitment to Genesis,” said Mr. Harrington. “Paul and JoAnne have worked tirelessly over the years to fulfill our mission of improving the lives of our nation’s seniors. Paul has devoted 38 years and JoAnne has devoted 10 years to Genesis. Both deserve special recognition for their service over the last 18 months to navigate the Company through the unprecedented challenges presented by the pandemic. Through their remarkable vision, unwavering commitment to health and safety, and determined focus, they provided exceptional leadership and support to help protect our residents, patients, and our fellow colleagues. We are incredibly grateful.”
“Tom has dedicated much of his career to Genesis,” continued Mr. Harrington. “Over the last twenty five years, Tom has guided the Company through numerous private and public transactions, strategic mergers, acquisitions, and restructurings to create one of the most well-respected long-term care companies in the nation. We wish Tom, Paul and JoAnne much success in their future endeavors.”
New Leadership
The Company also announced the appointment of three executives who will support the rapid implementation of the market-focused model and a 100-day plan to grow revenue, reduce costs, and streamline the decision-making process, while providing the highest-quality care and experience for residents and patients.
Melissa Powell, Chief Operating Officer
The Company welcomes Melissa Powell as the Company’s Chief Operating Officer. Ms. Powell has been President and Chief Operating Officer of The Allure Group, a New York City-based nursing home operator nationally recognized for quality, since 2010. Ms. Powell has 20 years of experience coordinating, assessing, and improving senior care utilizing the market-focused model in New Jersey and New York. Ms. Powell has driven specialized programs, a culturally sensitive approach, significant technology changes, and an environment of compassion and comfort. This approach has dramatically reduced readmission rates, bolstered census successes, turned around surveys in homes, and increased star ratings.
Orrin Feingold, Chief Financial Officer
Orrin Feingold, CFA, joins Genesis as the Company’s new Chief Financial Officer. Mr. Feingold is a seasoned chief financial officer with a long history of transforming healthcare companies, including multi-state organizations. He also has extensive experience with managed and value-based care. Mr. Feingold was the CFO for ComplexCare Solutions, which provided home-based services for patients with chronic illnesses, as well as for Schweiger Dermatology and Sovereign Health Services. He was also a CFO with national responsibility at Prudential Healthcare, which was acquired by Aetna. Mr. Feingold is a graduate of the University of Pennsylvania and the Wharton School.
Michael Sherman, Chief Legal Officer
Mike Sherman, the Company’s current Senior Vice President - General Counsel, will take on an expanded strategic role as the Company’s Executive Vice President and Chief Legal Officer. Mr. Sherman, a well-respected liaison to the Board with decades-long experience within Genesis, will have oversight responsibility for legal, compliance, government relations, and mergers and acquisitions. Among other roles, prior to becoming General Counsel, Mr. Sherman was the Senior Vice President of Mergers and Acquisitions. He is a graduate of the Wharton School of the University of Pennsylvania and Duke University School of Law.
Susan Overton, who currently serves as the Company’s Senior Vice President - Deputy General Counsel - Risk and Litigation, will assume the role of General Counsel. Ms. Overton, who started her career as a Registered Nurse before obtaining her law degree, joined Genesis in 2011.
“The Board and I are excited to welcome Melissa and Orrin to the Genesis team as we move into the next phase of the Company’s turnaround,” notes Mr. Harrington. “Both bring subject matter expertise that will be critical to the organizational shift within Genesis. I would also like to congratulate Susan and Mike on their expanded roles that will enable them to drive strategy and change at the national support level, while also providing continuity of leadership.”
About Genesis HealthCare
Genesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, offer services to more than 250 skilled nursing facilities and assisted/senior living communities in 23 states nationwide. Genesis affiliates provide high-quality post-acute care, long-term care and assisted/senior living services in the local markets in which they serve. All facilities follow a universal staff COVID-19 vaccine requirement to protect patients, residents, families and fellow colleagues. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to "Genesis," "the Company," "we," "us" and "our" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
CONTACT:
Lori Mayer
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