The GEO Group Announces Appointment of Chief Financial Officer

Rhea-AI Summary

The GEO Group announced the appointment of Mark J. Suchinski as Senior Vice President and Chief Financial Officer, effective July 8, 2024. Suchinski brings extensive experience from his previous roles at Spirit AeroSystems and Home Products International. His background includes corporate finance, financial reporting, and manufacturing management. GEO's leadership expressed confidence in Suchinski's skills and experience to drive value creation for the company and its shareholders.

Positive

• Appointment of Mark J. Suchinski as CFO brings extensive experience in corporate finance.
• Suchinski's background in financial reporting and transparency is likely to enhance GEO's financial management.
• Experience in Treasury and Investor Relations may improve GEO's capital market strategies.
• Skills in Strategy and Mergers & Acquisitions could drive future growth and expansion.
• Suchinski's manufacturing and supply chain management expertise adds value to GEO's operational efficiency.

Negative

• No immediate financial impact or strategic changes announced in the PR.
• Potential risk in transition period affecting financial management during the leadership change.

BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today the appointment of Mark J. Suchinski as Senior Vice President and Chief Financial Officer, effective July 8, 2024.

Mr. Suchinski has served as Senior Vice President and Chief Financial Officer for Spirit AeroSystems since 2020. In this role, Mr. Suchinski has been responsible for the overall financial management of Spirit AeroSystems, its financial reporting and transparency, and multiple corporate functions including Treasury, Investor Relations, Strategy, and Mergers and Acquisitions. Mr. Suchinski joined Spirit AeroSystems in 2006 as the Controller for the Aerostructures Segment. He subsequently served in increasingly senior positions, including as Vice President of Financial Planning & Analysis and Corporate Contracts, Vice President of Finance and Treasurer, and Vice President of Quality. Prior to joining Spirit AeroSystems, Mr. Suchinski held the position of Vice President and Chief Accounting Officer for Home Products International from 2000 to 2006. Mr. Suchinski attended DePaul University where he earned a Bachelor of Science degree in Accounting.

George C. Zoley, Executive Chairman of GEO, said, “Mark Suchinski has extensive experience in corporate finance, capital markets, financial reporting, and business management, having held multiple leadership positions throughout his career. He also brings unique skills and knowledge in manufacturing and supply chain management to our company. We are pleased to welcome him to GEO’s Senior Management Team.”

Brian R. Evans, GEO’s Chief Executive Officer, said, “We are pleased to have Mark Suchinski join our Senior Management Team. We believe that his unique skill set, knowledge and experience, across a broad range of key areas of corporate finance and business management, will be an asset to our company.”

Mr. Suchinski, stated, “I am excited to join this worldclass organization and have been impressed with George Zoley, Brian Evans, and the entire GEO leadership team. I look forward to partnering with them to drive value creation for our employees and shareholders.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 100 facilities totaling approximately 81,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K, 10-Q, and 8-K reports. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240604789350/en/

Pablo E. Paez, (866) 301 4436

Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

FAQ

Who is the new CFO of GEO Group?

Mark J. Suchinski has been appointed as the new CFO of GEO Group, effective July 8, 2024.

What is the effective date of Mark J. Suchinski's appointment as CFO?

Mark J. Suchinski's appointment as CFO is effective from July 8, 2024.

What experience does Mark J. Suchinski bring to GEO Group?

Mark J. Suchinski has extensive experience in corporate finance, financial reporting, treasury, investor relations, strategy, and mergers & acquisitions from his roles at Spirit AeroSystems and Home Products International.

How might the appointment of Mark J. Suchinski affect GEO's financial management?

Mark J. Suchinski's expertise in financial reporting and transparency is expected to enhance GEO's financial management.

What roles did Mark J. Suchinski hold before joining GEO Group?

Mark J. Suchinski was the Senior Vice President and CFO at Spirit AeroSystems and held various senior positions including Vice President of Financial Planning & Analysis and Treasurer.