Amedisys dismisses the CEO and replaces him with the former leader
BATON ROUGE, La. (AP) — Baton Rouge-based home health care company Amedisys said it fired CEO Christopher Gerard and replaced him with former CEO Paul Kusserow.
No reason was given for Gerard’s dismissal on Thursday in Amedisys’ filings with the Securities and Exchange Commission, The Advocate reported.
Gerard had served as CEO since Kusserow officially stepped down in April. Kusserow remained president.
The SEC filing says Amedisys retained the services of a search firm to “conduct a comprehensive search process to identify a successor as CEO,” indicating that Kusserow’s return as CEO could be temporary.
“We are confident that under Paul’s leadership, Amedisys will continue to have a future of profitable growth, innovation, superior quality and consistent performance,” said Julie D. Klapstein, Board Member of Amedisys, in a press release. “Paul’s growth and innovative spirit is a vital and stabilizing force for the company. His experience, as well as his passion, makes us confident that it will serve Amedisys well during this time.
Shares of Amedisys have been on a steady downward trend since the stock traded above $260 per share in July 2021. Since the start of 2022, the stock’s value has fallen nearly 50%. , closing Thursday at $84.72 per share.
Gerard became CEO after serving as chief operating officer from 2016 until April, when Kusserow stepped down. By then, Kusserow had already handed over the title of chairman to Gerard as part of a succession plan that began in early 2021.
Gerard has two decades of experience in the home health and palliative care industry, according to his Amedisys biography. He was co-founder of IntegraCare Home Health, which he sold to Kindred Healthcare in 2012. Gerard then worked as an executive for Kindred at Home, the home care division of Kindred Healthcare, for four years before joining Amedisys.
Kusserow was first hired as CEO in December 2014 after founder William Borne left the role. He was also chairman of the company from that same date until February 2021.
Kusserow will earn a base salary of $900,000 as CEO, the same amount he previously earned in that job, according to SEC filings.
Amedisys has 21,000 employees in 38 states, including Louisiana.
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