Amedisys CEO steps down as part of strategic shift
Who: William Borne, 56
Stepped down as: Chairman, CEO and director of Amedisys, a home health and hospice company in Baton Rouge, La., as part of a refocusing by the company. He will remain chairman emeritus.
Replaced by: Interim CEO Ronald LaBorde, 57, who had been serving as president and CFO. Executive search firm Korn Ferry is conducting a nationwide search for a successor.
Accomplishments: Borne, a trained nurse, founded Amedisys in 1982 as a nurse consulting company. The company opened its first home health center in 1988 and went public on the Nasdaq small-cap market in 1994. Through mergers and organic growth, it has expanded to serve more than 360,000 patients in about 40 states.
Recent struggles: As reimbursement cuts have dragged down earnings at Amedisys, the company last year announced it would begin divesting care centers. Last year, it also forged a potential $150 million settlement with the Justice Department to settle allegations of improper self-referrals. Kohlberg Kravis Roberts & Co., its largest shareholder, signaled its intention to take a more activist role in the company and is pushing Amedisys to name an executive from one of its affiliates to its board of directors. The board began working this year with Boston Consulting Group, fueling speculation that the company could be a takeover target.