UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2023
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
| (Address of principal executive offices and Zip Code) | ||||||||
Registrant's telephone number, including area code: (208 ) 506-6100
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Emerging growth company ☐
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 22, 2023, the Board of Directors (the “Board”) of The Pennant Group, Inc. (the “Company”) appointed Ms. Lynette B. Walbom, age 46, as the Company’s Chief Financial Officer. Also effective May 22, 2023, Ms. Jennifer L. Freeman stepped down from her role as the Company’s Interim Chief Financial Officer.
Before joining the Company, Ms. Walbom was the Vice President of Financial Reporting & Tax for Raising Cane’s Restaurants, LLC (“Raising Cane’s”). Prior to Raising Cane’s, Ms. Walbom was the Chief Financial Officer of a family office with investments in companies in several industries, including financial services, computer services, real estate development and franchising. Ms. Walbom began her 23-year career in accounting as a public company auditor at Deloitte.
There are no arrangements or understandings between Ms. Walbom and any other persons pursuant to which she was selected as an officer of the Company. There are no family relationships between Ms. Walbom and any director or executive officer of the Company. Ms. Walbom does not have any direct or indirect material interest in any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 7.01. Regulation FD Disclosure.
A copy of the Company’s press release announcing the appointment of Ms. Walbom as the Company’s Chief Financial Officer is furnished as Exhibit 99.1 to the Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| Press Release dated May 22, 2023 | ||||||||
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 22, 2023 | THE PENNANT GROUP, INC. | |||||||||||||
| By: | /s/ BRENT J. GUERISOLI | |||||||||||||
| Brent J. Guerisoli | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
EX-99.1 Press Release
The Pennant Group Appoints Lynette Walbom as Chief Financial Officer
EAGLE, Idaho, May 22, 2023 – The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, today announced that its Board of Directors has appointed Lynette Walbom as Chief Financial Officer effective May 22, 2023.
Before joining Pennant, Ms. Walbom was Vice President of Financial Reporting & Tax for Raising Cane’s Restaurants, LLC, a national restaurant chain operating in 35 states, which more than doubled in size—based on number of restaurants and geographic footprint—during her tenure. At Raising Cane’s, Ms. Walbom had broad responsibility for financial reporting, acquisitions, tax, accounting systems, and equity management. Prior to Raising Cane’s, Ms. Walbom was Chief Financial Officer of a family office with investments in companies in several industries, including financial services, computer services, real estate development and franchising. Ms. Walbom began her 23-year career in accounting as a public company auditor at Deloitte.
“Lynette is an exceptionally talented individual who will have an immediate positive impact on Pennant,” said Brent Guerisoli, Pennant’s Chief Executive Officer. “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. She comes highly recommended by members of our Board who have worked directly with her for many years. 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.”
“I am thrilled to be joining The Pennant Group at such an exciting time in its history,” said Ms. Walbom. “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.”
Also effective May 22, 2023, Jennifer Freeman, Pennant’s former CFO, will assume the role of Senior Vice President of Strategic Partnerships, where she will focus on forging and growing partnerships with payors and other partners across the acute and post-acute continuum. Mr. Guerisoli expressed his excitement for Ms. Freeman’s new role: “As an increasing share of home health and hospice reimbursement shifts to Medicare Advantage and managed care payors, it is critical that we continue to invest in these areas, and in value-based arrangements. Jenn’s deep experience with payors, including over 6 years with Molina Healthcare, is perfectly suited for this role, and is an example of putting one of our best people on one of our biggest opportunities.”
About Pennant:
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 97 home health and hospice agencies and 51 senior living communities located throughout Arizona, California, Colorado, Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.
Contact Information
The Pennant Group, Inc.
(208) 506-6100
ir@pennantgroup.com
SOURCE: The Pennant Group, Inc.