Home Health & Hospice Week
Under Pressure, Amedisys CEO And Founder Steps Down
Rocky financial times for a national chain have led to its CEO’s resignation. Baton Rouge, La.-based Amedisys Inc. leader William Borne has stepped down, the company says in a release. Borne, who founded Amedisys in 1982, will now serve as chairman emeritus.
The company has been struggling since the 2010 Wall Street Journal investigation into therapy utilization. The Department of Justice didn’t charge Amedisys with any wrongdoing, but the Securities and Exchange Commission investigation into the matter is ongoing.
Analysts speculate that shareholder KKR Asset Management, which owns about 15 percent of the company’s stock, may have pressured Borne to leave, according to press reports.
"Borne’s departure will benefit Amedisys long-term, although for now Amedisys is in disarray both operationally and from a leadership perspective," Sheryl Skolnick of CRT Research told The Advocate newspaper. Amedisys is conducting a search for Borne’s replacement as president and Chief Financial Officer Ronald A. LaBorde fills in as interim CEO. Expect to see more top management changes ahead.
Home Health & Hospice Week
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