Editor’s note: This story has been updated to reflect further attempts to gain more information after the original announcement.
Harry Wilson will be leaving his position as chief executive officer of Genesis Healthcare just seven months after he was hired to lead the post-acute care giant’s financial turnaround.
Genesis on Monday announced that Wilson, and his consulting firm the MAEVA Group, will end their work with the company on Nov. 15. The Genesis board of directors is now searching for a replacement.
It was not apparent whether Wilson was originally hired for a fixed term. As of Wednesday afternoon, the company had not elaborated on a question from McKnight’s Long-Term Care News seeking clarification after the initial announcement was made Monday. Wilson also will be leaving his post on its board of the directors.
A Wilson spokesman also declined to provide further details about the original contract terms or why Wilson was exiting at this time, instead referring back inquiries back to the original announcement.
This will be Genesis’ third time hiring for the role after longtime CEO George V. Hager Jr. retired in early January. Former Board Chairman Robert “Bob” H. Fish was immediately appointed as the company’s new CEO until Wilson’s hiring in March.
Kennett Square, PA-based company hired Wilson in March and together, with the help of his firm MAEVA, they were tasked with turning around the company after months of financial uncertainty exacerbated by the COVID-19 pandemic.
Genesis in March voluntarily delisted its common stock from the New York Stock Exchange as part of a three-part restructuring plan to improve the company’s financial and operational stability damaged by the public health crisis. Wilson was touted as a “turnaround specialist” with a “successful history of rapidly transforming businesses, driving significant improvements in customer service and unlocking value.”
Wilson spent his early career in the financial services sector and at age 37 accepted a key position in the task force tapped by the U.S. Treasury to restructure General Motors. In 2011, the Harvard-educated executive founded MAEVA Group, a capital funding and corporate restructuring firm. MAEVA colleagues are expected to help Wilson in the Genesis turnaround effort.
“It has been a great honor and a privilege to work with the team at Genesis,” Wilson said in a statement. “Together, we accomplished a great deal in a short period of time, and I look forward to watching the team continue to build on that work in the months and years ahead.”
The Genesis statement on Monday applauded Wilson for his several months with the company, and said he has “swiftly put forth a strong restructuring plan” and that the board has overseen its “successful initial implementation.” The post-acute care giant said it plans to continue to execute this plan while it searches for a new CEO.
“Genesis has already made significant progress in a very short period of time and the company’s financial situation has improved,” said David Harrington, Genesis board chairman. “With my support, our seasoned senior leadership team will continue to execute on the restructuring plan with the same level of focus and commitment while the company searches for a new CEO.”