Addus HomeCare Corporation (Nasdaq: ADUS) has hired a new chief financial officer (CFO) in the latest of several recent executive shakeups at the personal care services provider.
Brian W. Poff will serve as Addus’ executive vice president and CFO, starting May 10, the Downers Grove, Illinois-based company announced Monday.
Donald Klink ceased serving as Addus’s CFO on May 5, according to a press release. The reason for Klink’s departure was not disclosed.
Poff joins Addus from his role as CFO and treasurer at Oceans Healthcare, a private equity-backed, multi-state behavioral health care provider.
Before Oceans, Poff served as the senior vice president, finance, chief accounting officer and treasurer for national mail-order durable medical equipment supply company CCS Medical.
Poff also served as an assistant controller for $700 million hospice provider Odyssey Healthcare. His time at Odyssey overlapped with that of current Addus CEO Dirk Allison.
“I know Brian well and have great confidence in his capabilities after working with him at Odyssey Healthcare,” Allison said in a prepared statement. Allison, who joined Addus in January 2016, also previously worked for CCS Medical.
“The addition of Brian to our senior management team bolsters Addus’s capabilities to leverage both our organic growth and future acquisitions, as well as to remain the leading pure-play provider of home and community based personal care services,” Allison added.
Addus has been dealing with bruised revenue due to an ongoing budget conflict in the state of Illinois. As of April 2016, Illinois owed Addus more than $50 million in service payments, prompting the company to consider taking legal action against the state.
The company also saw its share price slump after missing earnings targets in the third quarter of 2015, due in large part to underperforming acquisitions. The company’s share price rose 18.5% over the month of April, but is down 20.5% year-to-date, according to the latest Home Health Index from health care merger and acquisition advisory firm Stoneridge Partners.
Written by Mary Kate Nelson