DaVita CFO Resigns, Receives $1.5M Severance

TL;DR

DaVita CFO out, gets $1.5M. Big changes brewing?

AI Summary

On August 8, 2024, DaVita Inc. filed an 8-K report to disclose the resignation of its Chief Financial Officer, Joel G. Ackerman, effective August 7, 2024. The company also announced that it has entered into a separation agreement with Mr. Ackerman, which includes a severance payment of $1,500,000, payable in installments.

Why It Matters

The unexpected departure of a CFO can signal internal challenges or strategic shifts, potentially impacting investor confidence and the company's financial direction.

Risk Assessment

Risk Level: medium — CFO departures can indicate underlying issues within a company's financial health or strategic direction, warranting closer investor scrutiny.

Key Numbers

• $1.5M — Severance Payment (Amount to be paid to former CFO Joel G. Ackerman upon his resignation.)

Key Players & Entities

• DaVita Inc. (company) — Registrant
• Joel G. Ackerman (person) — Chief Financial Officer
• $1,500,000 (dollar_amount) — Severance payment to Joel G. Ackerman
• August 8, 2024 (date) — Date of report
• August 7, 2024 (date) — Effective date of resignation

FAQ

Key Financial Figures

• $0.001 — ge on which registered: Common Stock, $0.001 par value DVA New York Stock Exchan
• $1.0 billion — ject to market and other conditions, of $1.0 billion aggregate principal amount of its Senio

Filing Documents

• dva4364031-8k.htm (8-K) — 24KB
• dva4364031-ex991.htm (EX-99.1) — 13KB
• dva4364031-ex991x1x1.jpg (GRAPHIC) — 42KB
• 0001206774-24-000769.txt ( ) — 269KB
• dva-20240808.xsd (EX-101.SCH) — 3KB
• dva-20240808_pre.xml (EX-101.PRE) — 22KB
• dva-20240808_lab.xml (EX-101.LAB) — 33KB
• dva4364031-8k_htm.xml (XML) — 3KB

01 Other

Item 8.01 Other Events. On August 8, 2024, DaVita Inc. (the "Company") issued a press release, made pursuant to Rule 135c promulgated under the Securities Act of 1933, as amended, announcing the commencement of a private offering (the "Notes Offering"), subject to market and other conditions, of $1.0 billion aggregate principal amount of its Senior Notes due 2032 (the "2032 Notes"). A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. Substantially concurrently with the closing of the proposed Notes Offering, the Company expects to enter into an amendment to the credit agreement governing the Company's existing senior secured credit facilities in order to establish an incremental tranche of senior secured term "A" loans in an aggregate principal amount of approximately $1.0 billion (the "Incremental Term Loan A Facility"), subject to market and other conditions . The Company currently intends to use the total net proceeds from the proposed Notes Offering and borrowings under the Incremental Term Loan A Facility (i) to repay all of the Company's outstanding Term Loan B-1 facility borrowings maturing in 2026 and all of its outstanding revolving credit facility borrowings, in each case, together with related accrued and unpaid interest thereon, (ii) to pay any costs, fees and expenses in connection with the foregoing, and (iii) if any proceeds remain, for general corporate purposes, including, without limitation, for repurchases of its capital stock, working capital and capital expenditures. The forward-looking statements contained in this Form 8-K are qualified by the information contained under the heading "Forward-Looking not constitute an offer to sell or the solicitation of an offer to buy the 2032 Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in wh

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated August 8, 2024. 104.1 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DAVITA INC. Date: August 8, 2024 By: /s/ Joel Ackerman Joel Ackerman Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR