DaVita CFO Resigns, Receives $1.5M Severance

Ticker: DVA · Form: 8-K · Filed: 2024-08-08T00:00:00.000Z

Sentiment: neutral

Topics: executive-departure, severance, cfo

Related Tickers: DVA

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

Who is replacing Joel G. Ackerman as CFO?

The filing does not specify who will succeed Joel G. Ackerman as Chief Financial Officer.

What is the reason for Joel G. Ackerman's resignation?

The filing states that Joel G. Ackerman's resignation was effective August 7, 2024, and does not provide a specific reason beyond his entry into a separation agreement.

When will the severance payment be made?

The separation agreement stipulates that the $1,500,000 severance payment will be made in installments.

Does the separation agreement include any non-compete clauses?

The provided excerpt of the 8-K filing does not detail the specific terms of the separation agreement beyond the severance amount and payment structure.

Is DaVita Inc. currently seeking a new CFO?

While the filing confirms the CFO's resignation, it does not explicitly state whether the company is actively seeking a replacement at this time.

From the Filing

0001206774-24-000769.txt : 20240808 0001206774-24-000769.hdr.sgml : 20240808 20240808093219 ACCESSION NUMBER: 0001206774-24-000769 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240808 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240808 DATE AS OF CHANGE: 20240808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAVITA INC. CENTRAL INDEX KEY: 0000927066 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 510354549 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14106 FILM NUMBER: 241186405 BUSINESS ADDRESS: STREET 1: 2000 16TH STREET CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 310-536-2668 MAIL ADDRESS: STREET 1: 2000 16TH STREET CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: DAVITA HEALTHCARE PARTNERS INC. DATE OF NAME CHANGE: 20121107 FORMER COMPANY: FORMER CONFORMED NAME: DAVITA INC DATE OF NAME CHANGE: 20001005 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL RENAL CARE HOLDINGS INC DATE OF NAME CHANGE: 19950524 8-K 1 dva4364031-8k.htm CURRENT REPORT false 0000927066 0000927066 2024-08-08 2024-08-08 iso4217:USD xbrli:shares iso4217:USD xbrli:shares   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   Form 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 8, 2024   DAVITA INC. (Exact name of registrant as specified in its charter)   Delaware 1-14106   51-0354549 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)       2000 16 th Street Denver , CO 80202 (Address of principal executive offices including Zip Code) ( 720 ) 631-2100 (Registrant’s telephone number, including area code) Not applicable (Former name or former address, if changed since last report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: q Written communications pursuant to Rule 425 under the Securities Act (17 CFR 240.425) q Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) q Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) q Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class:   Trading symbol(s):   Name of each exchange on which registered: Common Stock, $0.001 par value   DVA   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company   ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐       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