The Pennant Group, Inc. (NASDAQ: PNTG) has appointed Lynette Walbom as chief financial officer effective May 22, 2023.
The company has been on the hunt for a new CFO since its former top financial executive, Derek Bunker, stepped down at the end of last year. Jennifer Freeman has since served in the role on an interim basis. She will now become senior vice president of strategic partnerships, focusing on developing payer and provider relationships.
“Lynette is an exceptionally talented individual who will have an immediate positive impact on Pennant,” Pennant CEO Brent Guerisoli said in a statement. “She has a track record of building strong teams capable of supporting dynamic growth and improving processes to drive efficiency. Lynette emerged from a comprehensive search process as a result of her character, competence and clear connection to our culture and unique operating model.”
Prior to this appointment, Walbom was vice president of financial reporting and tax for Raising Cane’s Restaurants, LLC, where she also oversaw acquisitions, accounting systems and equity management.
Before Raising Cane’s, she was CFO of a family office investment firm that backed a number of companies in the financial services, computer services, real estate development and franchising industries.
“She comes highly recommended by members of our board who have worked directly with her for many years,” Guerisoli said. “We are confident that Lynette will help us continue to develop a world-class finance team, and that she will quickly earn the trust and confidence of all stakeholders, including employees, payors, shareholders, and others.”
Walborn’s arrival at Pennant continues a series of c-suite transitions that began when Guerisoli ascended to the CEO position last June, succeeding Derek Bunker. The company is currently seeking a new chief investment officer.
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide health care services through 97 home health and hospice locations in 14 western and midwestern states.
The company earned $126 million in revenue during Q1, up 11% from $12.6 million in the prior year’s quarter. Its hospice business accounted for nearly $43.3 million, an increase from 37.8 million in Q1 2022.
“I am thrilled to be joining The Pennant Group at such an exciting time in its history,” Walbom said in a statement. “I was drawn to Pennant by its culture, mission and people. Pennant has a track record of operational excellence, a strong history of growth, and compelling opportunities ahead. I look forward to contributing to Pennant’s future success.”
New CEO at Jet Health
Meanwhile, home-based care provider Jet Health, Inc., has tapped Larry Nabb as its new CEO. He succeeds Stacie Bratcher, who has led the company since 2020.
Nabb previously was CEO and board member for Providence Care, LLC, a home health, hospice and home-based primary care provider that operates in the Southwest. At Providence, Nabb expanded the executive team, as well as the company’s footprint across multiple state lines.
Prior to that, he was president and chief operating officer at Remita Health. Remita’s earnings tripled during his tenure, according to a press release from Jet Health.
“[Nabb] is a solid strategic leader with exceptional interpersonal skills and impressive operational experience. He has been credited with inspiring a culture of growth and engagement across teams within the companies he has led,” Jet Health Founder and Chairman Jim Glynn said in a statement. “Jet Health’s board of directors believes Larry’s extensive industry expertise and proven track record will position him for success in leading Jet Health forward.”
Jet Health’s four brands — Klarus, First Choice, Hospice de la Luz and Trio — operate in 16 markets in Texas, New Mexico, Colorado and Idaho. The company is backed and partially owned by the private equity firms SV Health Investors and Health Enterprise Partners.
The home health, hospice and personal care provider has been on a growth trajectory in recent years, particularly through acquisitions.
In 2022, Jet Health acquired Trio Home Health Care and Hospice and Blessings Hospice, both Texas-based. The prior year, the company purchased Signal Home Health & Hospice in San Antonio, as well as Hospice de la Luz in New Mexico. Financial terms for each transaction were undisclosed.
“Jet Health has steadily grown through acquisition as well as organically over the past several years, resulting in the strong presence it established and positive reputation it earned throughout the markets they serve,” Nabb said in a press release. “My background and experience, coupled with the company’s solid footing in both the space as well as geographic areas it reaches, will serve as a springboard for taking Jet Health to the next level.”
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