PACS Group announced Thursday that Derick Apt will serve as the company’s new chief financial officer.
“[Apt] led the way in our growth and acquisition efforts for the last several years, ensured our investment strategies were forward-thinking, and helped pave the way for future growth,” Jason Murray, CEO and co-founder of PACS, said in a press release. “He’ll continue to lead our investment strategies in addition to his CFO duties.”
PACS Group is one of the largest post-acute organizations in the U.S. The company’s affiliates operate 218 facilities, with more than 32,000 employees in 9 states, serving more than 20,000 patients and residents daily.
Apt joined PACS in 2018, first as VP of finance and treasury, and most recently as chief investment officer where he oversaw cash and debt management, led property and asset investments, and directed business acquisitions and divestitures. Prior to PACS, he was the treasury and finance manager at Vivint Inc. Before Vivint, Derick held positions in treasury departments at Intermountain Healthcare and Goldman Sachs.
Apt succeeds Mark Hancock, who was CFO since co-founding PACS in 2013. Hancock will continue to be involved in the company’s executive management in his new role as executive vice chairman.
“With Mark’s extensive background in finance and operations, and his deep understanding of our company’s history and culture, he will continue to direct the company’s strategic plan in his ongoing role as an executive officer and member of our Board of Directors,” Murray said. “As my business partner for the past decade he’s shown incredible leadership in building our company’s financial foundation, navigating economic challenges and a global pandemic that hit our industry particularly hard.”
Meanwhile, PJ Sanford has been appointed president of PACS Services, which provides a comprehensive suite of support services to reduce administrative burdens to the organization’s affiliated healthcare facilities.
Sanford has been with the company since its founding as well, first as the administrator of one of the company’s original facilities, and then in executive management roles with a focus on PACS Services operations.
“[Sanford] helped develop PACS Services into what we feel is the premier administrative support solution for post-acute care facilities across the country, and we are thrilled that he’s taking on this new role as we continue to grow as a company,” Murray said.
The new roles are effective January 1.