Amedisys President and CEO Chris Gerard is out seven months after taking the top job at the Baton Rouge, Louisiana-based home health and hospice company.
Gerard’s separation took effectively immediately upon its announcement Thursday. Amedisys board chair—and former CEO—Paul Kusserow has taken the helm while the for-profit company searches for Gerard’s replacement. Gerard, who succeeded Kusserow on April 15, was “terminated without cause,” the company reported to the Securities and Exchange Commission Thursday.
“I am looking forward to returning as CEO and building on the excellent foundation we have at Amedisys,” Kusserow said in a news release. “We are going to continue to build upon the foundation that has made Amedisys the best home health company in the industry.”
Amedisys’ earnings plummeted 43% to $25.6 million during the third quarter compared with the year-ago period, the company reported last month. That followed a 63% decline in net income during the second quarter.
In October, Amedisys reduced its annual guidance citing COVID-19 challenges and staffing shortages. The company now anticipates its net service revenue will range from $2.22 billion to $2.23 billion compared with earlier projections of $2.29 billion to $2.31 billion.
During Kusserow’s tenure from 2014 to earlier this year, Amedisys’ market value increased and its business grew tenfold, according to the news release.
Amedisys has more than 21,000 employees at 547 facilities in 36 states and the District of Columbia and cares for more than 445,000 patients each year, according to the company.