Strange Tony,
Aveanna Healthcare's CEO Tony Strange and Executive Chairman Rod Windley have been sent packing by financial rapscallion Bain Capital. Bain and J.H. Whitney hold the vast majority (>70%) of Aveanna shares.
Aveanna's stock price mostly sank in 2022 and is worth less than $1 per share. It has traded like a company headed toward bankruptcy.
COO Jeff Shaner will become CEO. Shaner headed the hospice division under Gentiva while David Causby was over home health.
Causby is currently CEO of Kindred Hospice, recently rebranded back to Gentiva, and under the ownership of financial rapscallion Clayton, Dubilier and Rice.
Bain and CDR expect huge profits, which bodes poorly for Aveanna and Gentiva staff. Pay and benefits will remain as miserly as possible for regular staff.
The Tony Stranges and Rod Windleys get to exercise their grossly excessive separation packages that only exist at executive levels.
They cannot take it with them and someday they will answer for their earthly deeds.
Anonymous
Hospice Clinical Liaison from Alabama said this about Aveanna:
ReplyDeleteThis company only cares about numbers and goals for budget made. They do not care about their employees and the pressure they put on them about referrals, admissions, and meeting budget. Their exact words from the uppers in management are push and push harder… Company mindset and values are very liberal. Company does not appreciate nor value its employees. There main concern is growth and acquiring more home healthcare companies. Needless to say I worked for a fantastic Home Health and Hospice company until Aveanna acquired us. I went from loving my job to hating it real fast. I do not recommend this employer.
Clinical Assistant in Pennsylvania said the following about Aveanna:
ReplyDeleteThis company treats you like garbage on the bottom of their shoes.
The pay is horrible for the amount of hours and work you put in. There are NO pay raises. None. Like what's the point of working hard to get a good review if there is no reward for your hard work to accomplish a livable wage. If your lucky you get a T-shirt for a Christmas bonus.
The only bonus to working there is I got to dictate my days of working there but they are still 12 to 13 hour days.
Honestly, there are other companies who will treat you better and pay you more than Aveanna. My advice is to apply elsewhere.
Pros
Pizza Parties
Cons
Everything
Moody's lowered Aveanna's debt rating.
ReplyDelete"The negative outlook reflects Moody's expectation that earnings will remain pressured and financial leverage will remain very high, as nursing labor shortages persist over the next 12 to 18 months."
Dumping Tony Strange and Rod Windley's salary will help a little, but likely not enough as cash flow for 2023 is projected to be negative..
https://www.moodys.com/research/Moodys-downgrades-Aveanna-Healthcares-CFR-to-Caa1-outlook-remains-negative--PR_471363
Aveanna CFO David Afshar is leaving the company.
ReplyDeletehttps://finance.yahoo.com/news/aveanna-announces-resignation-chief-financial-110000827.html