PACS Group announced the appointment of Carey P. Hendrickson as its Chief Financial Officer, effective April 27, 2026. Hendrickson succeeds co‑founder and former CFO Mark Hancock, who will retire as an executive officer on June 30, 2026 but will remain Vice Chairman of the Board.
Hendrickson brings nearly four decades of financial leadership, having served as CFO at U.S. Physical Therapy, Inc., Capital Senior Living Corporation, and Belo Corp. His experience in public‑company finance and regulated healthcare environments positions him to strengthen PACS’s financial stewardship as the company continues to expand its skilled nursing facility portfolio.
PACS has grown to 323 facilities across 17 states, serving 31,700 patients daily. The company reported $5.29 billion in revenue for 2025, a 29.3% year‑over‑year increase, and adjusted EBITDA of $505 million. PACS has faced a federal investigation into billing practices and has restated 2024 financials due to revenue‑recognition issues, prompting a renewed focus on robust financial controls and compliance.
"We're thrilled to welcome Carey to the PACS family as our Chief Financial Officer. Carey is exactly the kind of leader we were looking for at PACS. He's a seasoned public company CFO who's navigated complex healthcare operating environments, delivered results through every kind of market cycle, and built the financial infrastructure that growing organizations need to sustain excellence at scale," said Jason Murray, Chairman and CEO.
"We're a different organization. We're a better organization as a result of that. We're able to achieve remarkable results during a time of crisis, and so we look forward to it now that the internal investigation is over and we're out of that crisis [and] we feel very optimistic about our ability to continue to execute on our business plans and to return value," added Murray.
Hendrickson’s compensation package includes a base salary of $475,000, a target annual bonus of $3.8 million, and $2 million in restricted stock units that vest over three years.
The appointment signals PACS’s commitment to strengthening financial controls and investor confidence amid regulatory scrutiny, while supporting continued acquisition‑driven growth and disciplined capital allocation. Hancock’s transition to Vice Chairman ensures continuity of leadership and strategic direction.
Mark Hancock, who has guided PACS from two facilities in 2013 to 323 in 2025, will retire as an executive officer on June 30, 2026 but will remain on the board to support the company’s long‑term strategy.
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