HealthSouth Corp. announced Thursday that President and CEO Jay Grinney will retire effective Dec. 31.
Mark Tarr, current executive VP and COO, will succeed Grinney at the Birmingham, Ala.-based publicly traded operator of inpatient rehabilitation hospitals and post-acute healthcare services.
Grinney, 65, will serve as a consultant for the company until March 31. He has been at the head of the company for 12 years.
“It has been an honor and a privilege to lead HealthSouth over the past 12 years,” Grinney said. “This planned transition comes at a time of strength and growth for HealthSouth: volumes, revenues and earnings in both segments continue to grow at a solid pace."
The company also reported strong revenue growth for its third quarter of 2016. HealthSouth saw $926.8 million in net revenue in the third quarter, up by 19% from the same period a year ago, according to its earnings report posted Thursday.
Tarr, 55, has served as executive VP and COO since February 2011. He has been with the company for 23 years, serving in various roles including executive VP of operations and president of the inpatient division.