The GEO Group Announces Senior Management Changes
30 November 2023 - 10:55PM
Business Wire
The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”)
announced today that following discussions between GEO and its
Chief Executive Officer, Jose Gordo, the parties have agreed that
Mr. Gordo will be departing as Chief Executive Officer and as a
Board member on mutually agreeable terms and transitioning to the
role of an advisor, effective December 31, 2023. Under the agreed
terms of his departure, Mr. Gordo will enter into a fixed, 18-month
advisory services agreement upon payment terms agreed to by the
parties, pursuant to which Mr. Gordo will advise the Company with
respect to litigation, client relations, operational issues, growth
opportunities, financial management, and debt restructuring. The
Company is seeking to continue Mr. Gordo’s services in these
specific areas to benefit from his many years of experience in the
industry, the deep relationships he has forged inside the Company
and with its industry partners, his global operating perspectives,
and his specific expertise in a specialized industry.
Brian Evans, who has been with the Company for 23 years and has
served as the Company's Chief Financial Officer for 14 years, has
been appointed Chief Executive Officer, effective January 1, 2024.
Shayn March, Executive Vice President, Finance and Treasurer, has
been appointed Acting Chief Financial Officer, effective January 1,
2024. The Company and its Board of Directors will work with an
external search firm to identify a permanent Chief Financial
Officer.
Also effective January 1, 2024, Wayne Calabrese has been
appointed President and Chief Operating Officer. Mr. Calabrese
joined the Company in 1989, retiring as its President and Chief
Operating Officer at the end of 2010. Following his service as a
Company advisor, Mr. Calabrese rejoined the Company on a full-time
basis in 2021 as head of the Legal Department. In 2022, Mr.
Calabrese was appointed to his current position as Senior Vice
President and Chief Operating Officer.
In addition, the Company confirmed that Dr. George Zoley, the
Company's Founder and Executive Chairman, will step down as
Executive Chairman on June 30, 2026, at the end of his current
employment term under his Executive Chairman Employment Agreement.
Beginning on July 1, 2026, Dr. Zoley will continue his unparalleled
40-plus year industry leadership role as an Advisor to the Company
while continuing to serve as the Company's non-Executive Chairman
of the Board of Directors, subject to shareholder approval.
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified
government service provider, specializing in design, financing,
development, and support services for secure facilities, processing
centers, and community reentry centers in the United States,
Australia, South Africa, and the United Kingdom. GEO’s diversified
services include enhanced in-custody rehabilitation and
post-release support through the award-winning GEO Continuum of
Care®, secure transportation, electronic monitoring,
community-based programs, and correctional health and mental health
care. GEO’s worldwide operations include the ownership and/or
delivery of support services for 100 facilities totaling
approximately 81,000 beds, including idle facilities and projects
under development, with a workforce of up to approximately 18,000
employees.
Use of forward-looking statements
This news release may contain “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and the U.S. Private Securities Litigation Reform
Act of 1995. Readers are cautioned not to place undue reliance on
these forward-looking statements and any such forward-looking
statements are qualified in their entirety by reference to the
cautionary statements and risk factors contained in GEO's filings
with the U.S. Securities and Exchange Commission, including its
Form 10-K for the year ended December 31, 2022, its Form 10-Qs for
the quarters ended March 31, 2023, June 30, 2023 and September 30,
2023, and its Form 8-K reports. All forward-looking statements
speak only as of the date of this news release and are based on
current expectations and involve a number of assumptions, risks and
uncertainties that could cause the actual results to differ
materially from such forward-looking statements. Readers are
strongly encouraged to read the full cautionary statements and risk
factors contained in GEO’s filings with the U.S. Securities and
Exchange Commission, including those referenced above. GEO
disclaims any obligation to update or revise any forward-looking
statements, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231129886186/en/
Pablo E. Paez, (866) 301 4436 Executive Vice President,
Corporate Relations
Geo (NYSE:GEO)
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