Diversicare Healthcare Services is currently on the hunt for a new leader to take the helm after former CEO Jay McKnight left the nursing home operator at the end of August.
McKnight joined Tennessee-based Diversicare as executive vice president and CFO in 2012 before taking the helm as president and CEO in 2018. He’s also served in leadership roles at NuscriptRX and I-trax/CHD Meridian Healthcare.
He is now an operating partner at Varsity Healthcare Partners, a lower middle-market health care private equity investment firm, according to the company’s website.
“Jay led Diversicare through many challenges and victories, especially over the last two years. We are grateful for the service and leadership he provided Diversicare over the 10 years he was with us, and we wish him the very best,” Derek McLaren, Diversicare’s senior vice president of strategic development, said in a statement sent to Skilled Nursing News.
The previously publicly traded company was acquired by DAC Acquisition and CEO Ephram Lahasky nearly one year ago.
Diversicare’s stockholders received an amount of cash equal to $10.10 per share of the company’s common stock, as was previously reported by SNN when the proposed deal was announced back in August. The price represents a value of approximately 256% from Diversicare’s closing share price on Aug. 19.
The core leadership team has remained intact during the transition as Diversicare evaluates potential candidates for the CEO role, he added.
“We are not immune to the headwinds facing our industry, but the competence and expertise of our senior leadership team gives us great optimism for the future,” McLaren said in the statement.
Companies featured in this article:
DAC Acquisition LLC, Diversicare, Diversicare Healthcare Services
