The man who sold our hospice down the river will retire after his second king's ransom. Kindred Healthcare CEO Ben Breier will depart after LifePoint Health closes their buyout.
Breier, fellow miscreant David Causby and a lazy, conflicted board sold us out on the cheap to Humana and two financial rapscallions, TPG and Welsh, Carson, Anderson and Stowe.
While their executive holdings grew as a multiple of EBITDA employee wages barely budged. Brier and Causby forced a series of dullards on our hospice site, each pretending to be managers. Our census went from over 100 patients per day to the 30's. Along the way they cut the number of holidays by a third, reduced holiday pay by 50% while robbing dedicated employees of pay for hours worked and miles driven.
Ben Brier and David Causby destroyed our once great hospice and for that I curse them. They should enjoy their lavish wealth while on this earth as they too will face their maker and have to account for their treatment of others. Executives who institute evil systems are not immune from the consequences.
How big of a jerk do you have to be when rapscallions at WCAS and TPG don't want to keep you on as an operating executive? That's our Ben.
Anonymous
When Breier sold us out Kindred had revenues of more than $7.5 billion, more than 100,000 employees and served more than one million patients per year across 47 states.
ReplyDeletehttps://www.businesswire.com/news/home/20211025005644/en/
The acquisition was announced in December 2017 and called for the companies to pay $9 a share, or $822 million, for Kindred's stock and to assume Kindred's roughly $3 billion of debt.
https://www.bizjournals.com/louisville/news/2018/07/05/heres-how-much-kindred-execs-made-from-sale-to.html
Humana paid $800 million for 40% of the home health and hospice division. It could have paid $22 million more and bought the whole $7.5 billion company.
With Humana putting up the upfront cash financial rapscallions basically got free shares. WCAS and TPG did not take on the debt, Kindred Healthcare and Kindred at Home/Curo Health were saddled with it.
Breier and Causby screwed KND shareholders and employees. For that they will answer when they meet their maker.
Kindred Healthcare employee said:
ReplyDeleteNo room for advancement and no raises. No overtime is allowed even though they say there is overtime. The only bearable thing is the comradery within the team.