Aveanna Healthcare Holdings Inc. (Nasdaq: AVAH) has introduced that Tony Unusual, its CEO and director, will retire on the finish of December.
Jeff Shaner – the corporate’s present COO – will take over as CEO and director, additionally efficient on the finish of December. Shaner has served because the COO of Aveanna since its formation in 2017. The corporate initially filed for an IPO in April of 2021.
“Tony’s management was a major a part of Aveanna’s formation and development since its inception 5 years in the past,” Aveanna Chairman Rod Windley mentioned in an announcement. “He leaves an everlasting legacy of constructing one of many nation’s largest dwelling care firms in America throughout an unprecedented pandemic. Tony’s regular and secure management was a welcome present throughout troubled waters inside our business. It has been an honor working aspect by aspect with Tony at Aveanna and the numerous different firms throughout our profession collectively.”
The Atlanta-based Aveanna gives dwelling well being, hospice and an array of pediatric companies to each seniors and youngsters in 33 states.
Certainly, Unusual and Windley are longtime business veterans and have labored collectively for years. Previous to Aveanna, the 2 helped lead collectively The Healthfield Group Inc. and Gentiva Well being Companies, the latter of which was Kindred at House’s predecessor.
Each had excessive aspirations for Aveanna after its entrance onto the general public market. The corporate was switching gears from being a primarily pediatric dwelling well being supplier to at least one aiming to scale a senior-based dwelling well being mannequin as effectively.
“We’re going to proceed to do what we’ve at all times performed — and that’s construct a really profitable dwelling care firm, one that’s diversified and totally different from our friends,” Windley informed HHCN on the time, referring to him and Unusual. “And one which might be right here for years to come back. We don’t have our sights set on being a $2 billion firm. Our urge for food for development is way, a lot bigger than that, and we predict that there’s loads of runway going ahead.”
Since that point, nonetheless, it’s truthful to say Aveanna has struggled. Exterior of a few marquee dwelling well being acquisitions, it has had hassle discovering its footing in a really robust working surroundings for dwelling well being suppliers during the last 12 months and a half or so.
With these struggles, its inventory has trended persistently downward.
However the firm does have a big footprint, enhancing hiring traits and an advantageous and various payer combine on its aspect.
There are causes to imagine Shaner – who has additionally been with Unusual and Windley at earlier stops – can flip issues round in 2023 and past.
“The board and I are assured that beneath [Shaner’s] management, Aveanna will proceed its transition into a brand new period of value-based care,” Windley mentioned. “Jeff’s expertise, ardour and revolutionary mindset will serve Aveanna effectively as we glance to the long run.”
A number of giant gamers in dwelling well being care have had management modifications of late.
Amedisys Inc. (Nasdaq: AMED) turned the keys again over to its former CEO, Paul Kusserow. The Pennant Group (Nasdaq: PNTG), in the meantime, is now helmed by Brent Guerisoli after Danny Walker stepped down from its high spot in June.
“I’m wanting ahead to this new management position as CEO and additional constructing on the rock-solid dedication we’ve to medical excellence and worth creation right here at Aveanna,” Shaner mentioned in an announcement. “Aveanna will proceed with its mission, making a constructive affect within the lives of the sufferers and households that we serve day by day.”