StrangeTony,
It seems like yesterday Kindred was the dark suitor for Gentiva, a hospice and home health giant. Gentiva CEO Tony Strange held off Kindred's Paul Diaz until the deal price reached an appropriate premium, meaning Gentiva executives would be set for life.
Kindred has been shopping its long term care division and has multiple bidders. Executives say they could deal the whole company. "The company says there is also interest in a complete buyout, an option it will be 'willing to engage' if the premium makes sense."
Our hospice has been through multiple buyouts and our employees don't get jack. Executives rake it in, as can be seen in their change in control compensation.
Our site has been impacted by a deal every two years on average. Not one has made us better. Not one company has treated employees as partners. Every one has reduced benefits for employees and services for patients.
We should be used to such organizational trauma as often as it happens. Our hospice may have a slick new owner soon, one that mouths the right words while carving up our hides and taking from our wallets.
I pray Kindred becomes employee owned. That is the only way leadership balance can return and the employee voice can actually be heard. Right now it is nonexistent.
Anonymous (from Kindredinplay)
Look up Guidon Partners and Cressey & Co. You'll see a familiar face.
ReplyDeletePaul Diaz is with both! Is either firm in the picture on Kindred's possible sale?
ReplyDeleteNo better on the HH side - we supposedly had such a bad year in '16 that they cut all manager's bonuses by 20%! But Ben gets almost $6M MORE in compensation in '17?!Causbt gets a huge bonus for selling Gentiva down the river? Smooth Move, fellas!
ReplyDeleteJust learned from our branch manager there is no money for raises this year. Also, no sign of the PwC administered employee survey. No voice and no reward, that's the Causby way.
ReplyDeleteBen Breier did such a stellar job as CEO that the entire company needs to be sold less than 2 years after buying Gentiva!I feel safe knowing he's steering the ship...into an iceberg!
ReplyDeleteWe'll see if Breier joins execs from VistaCare, Odyssey, Gentiva and Harden by taking the money and running. Commitment is seen by actions in the midst of temptation.
ReplyDeleteThe top 5 (if not more) plus the Board make out in any sale. That is why there is such M&A activity despite the spin. ST is correct.
ReplyDelete