Washington Post: Embattled Genesis HealthCare in Kennett Square Pays Multimillion-Dollar Bonus to Departing CEO

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Image via Genesis HealthCare.
George Hager.

Pummeled by COVID-19 and struggling with finances, Kennett Square-based Genesis HealthCare gave its CEO, George Hager Jr., a $5.2 million “retention payment” in October, writes Will Englund for The Washington Post.

Even so, Hager retired from his position on Jan. 5, when the board of one of the nation’s largest nursing home chains paid him an additional $650,000 bonus and a $300,000 consulting contract.

During his time as head of Genesis, more than 300 of the company’s nursing homes experienced 14,352 confirmed COVID-19 cases through mid-December. As of Dec. 20, the number of residents who had died of the disease was 2,812. Both these numbers are higher than for similar nursing home chains.

The majority of Genesis nursing homes reported shortages in personal protective equipment throughout the pandemic, with the situation easing only toward the end of November.

Additionally, the company has been signaling a financial squeeze since 2017 in its SEC reports.

“$5.2 million is a lot of money, given that nursing homes have been squawking about a lack of cash,” said Brian Lee, executive director of Families for Better Care, an advocacy group. “Yet, they can take care of those they love best — those at the top.”

Read more about Genesis HealthCare in The Washington Post here.

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