The Pennant Group (Nasdaq: PNTG) is going through changes in the C-suite.
The Eagle, Idaho-based senior living, home health and hospice provider is seeking a new CFO, while its chief investment officer (CIO) is stepping down. Pennant’s independent operating subsidiaries include 49 senior living communities and 94 home health and hospice agencies.
Current CFO Jennifer Freeman will maintain that role in an interim capacity while the company seeks a new chief financial officer, according to a press release issued Tuesday. The plan is for Freeman to “continue to play an important leadership role on the Pennant finance team” once a new CFO is appointed, the release states.
Derek Bunker has resigned as Pennant’s CIO, EVP and corporate secretary, effective Dec. 31, 2022.
Pennant CEO Brent Guerisoli and President John Gochnour expressed gratitude to Freeman and Bunker.
“We are confident in the leaders who will assume Derek’s prior responsibilities and look forward to adding a new CFO,” Gochnour said in the release. “Our entire leadership team will continue to be laser focused on operational excellence and adherence to the unique operating model that has driven our success over the last decade.”
After a difficult period in which the senior living portfolio was “really, really struggling,” Pennant redbouled its focus on leadership excellence and has been turning around its results, Guerisoli said during a recent appearance on SHN+ TALKS.
“We’ve seen tremendous turnarounds in many pockets of the organization,” he said. “ … I’m really excited about the trajectory that we’re on and the progress that we’ve made.”
In Q3 2022, Pennant’s same-store senior living average occupancy increased 140 basis points year-over-year, to 77.6%. And average monthly revenue per occupied room (RevPOR) increased 12.2% year-over-year and 2.6% sequentially, reaching $3,560.