Genesis HealthCare, MAEVA and CEO Harry Wilson to Complete Engagement
Genesis Healthcare, Inc. (GENN) announced the upcoming departure of CEO Harry Wilson, effective November 15, 2021, along with his consulting firm, MAEVA Group. Under Wilson's leadership, a restructuring plan was successfully implemented, improving the company's financial situation. The Board of Directors will now search for a new CEO while the existing senior leadership continues executing the turnaround. Chairman David Harrington commended Wilson for his significant contributions and focused efforts during his tenure.
- Successful implementation of a restructuring plan that improved the company's financial situation.
- Continued execution of the turnaround plan by seasoned senior leadership.
- The departure of the CEO may create uncertainty during the transitional leadership period.
KENNETT SQUARE, Pa., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Genesis Healthcare, Inc. (Genesis, or the Company) (OTC: GENN), a national post-acute care provider, announced today that Harry Wilson, the Company’s Chief Executive Officer (CEO), and his consulting firm, the MAEVA Group, provided notice that they will complete their engagement by November 15, 2021. The Genesis Board of Directors will conduct a search for a new CEO.
In March 2021, Mr. Wilson and MAEVA were hired to develop and execute a turnaround plan for Genesis in alignment with a strategic pathway set forth by the Company’s Board of Directors. Over the last six months, Mr. Wilson has swiftly put forth a strong restructuring plan, which was presented to and accepted by the Company’s Board of Directors. The Board has overseen its successful initial implementation. Genesis will continue to execute this plan while it searches for a new CEO to lead the effort. Mr. Wilson will also be departing from the Board at the end of the engagement.
“I would like to thank Harry for his round-the-clock efforts to quickly develop and drive forward a compelling turnaround plan for Genesis,” said David Harrington, Genesis Chairman of the Board. “Genesis has already made significant progress in a very short period of time and the Company’s financial situation has improved. With my support, our seasoned senior leadership team will continue to execute on the restructuring plan with the same level of focus and commitment while the Company searches for a new CEO.”
“It has been a great honor and a privilege to work with the team at Genesis,” said Mr. Wilson. “Together, we accomplished a great deal in a short period of time, and I look forward to watching the team continue to build on that work in the months and years ahead.”
About Genesis HealthCare
Genesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 250 skilled nursing facilities and assisted/senior living communities in 23 states nationwide. 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
610-283-4995
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