Envision creates COO role amid falling stock prices
Envision Healthcare Monday announced new leadership positions amid falling stock prices.
The Nashville-based physician staffing firm has created the new role of executive vice president and Chief Operating Officer to report directly to President and CEO Chris Holden.
As COO, Karey Witty, 53, will be responsible for both the company's physician services and ambulatory surgery service lines effective Oct. 2.
Witty most recently was CEO of Corizon Health, a provider for correctional facilities. He's also served as CFO for Nashville?based post-acute provider naviHealth and insurers HealthSpring and Centene Corporation.
"We are excited about the progress we've made since closing the transformational combination of Envision and AMSURG, a merger that has advanced our physician-centric strategy," Holden said.
Holden led AmSurg until the company merged with Envision to create the nation's largest physician-staffing provider to hospitals. Envision reports annual revenue of $8.5 billion.
Envision earlier this year rebranded its giant physician staffing business as Envision Physician Services to reflect the scope and breadth of its offerings. Envision has 23,000 physicians and advanced medical practitioners who staff hospital departments, including the emergency room, radiology, anesthesiology and neo-natology.
On Monday, Envision also announced a $250 million stock repurchase. Its stock prices have fallen more than 10% in the past few months to Monday's all-time low of $47.60 even though its last quarterly earnings were in line with expectations. Less than a year ago, Envision stock was trading at $74.
Holden said Envision was looking to "maintain financial flexibility to deliver on our strategic plan, invest in our infrastructure to achieve sustained operational excellence, continue our disciplined approach to acquisitions, and reduce leverage."
Envision on Monday announced succession plans for its current CFO, Claire Gulmi, who is retiring and Robert Coward, president of physician services, who has resigned.
Both will be succeeded by internal executives who were promoted.
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