BrightSpring Health Services, Inc 8-K, filed Mar 5, 2025
BrightSpring Health Services, Inc. (BTSG)
About this 8-K
BrightSpring Health Services, Inc filed this 8-K on March 5, 2025.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective on March 4, 2025, Jennifer Phipps, the current Chief Accounting Officer of BrightSpring Health Services, Inc. (the “Company”), was promoted to Chief Financial Officer. Ms. Phipps succeeds Jim Mattingly, whose transition and departure was not a result of any disagreement with the Company or any matter relating to the Company’s operations, policies or practices. In connection with her appointment, Ms. Phipps’s annual base salary will be increased to $500,000 and her short-term incentive opportunity will be increased to a target of 100% of her annual base salary. The terms of Mr. Mattingly’s departure will be disclosed in a subsequent Form 8-K.
Prior to her appointment as Chief Financial Officer, Ms. Phipps, age 43, has served as the Company’s Senior Vice President and Chief Accounting Officer since January 2017 and as Principal Accounting Officer since the Company’s initial public offering in January 2024, as well as Chief Financial Officer of the Company’s Home Health and Hospice business lines since January 2023. In her capacity at the Company Ms. Phipps has also managed and overseen the organization’s procurement, real estate, and tax departments and played a leadership role in all financial systems processes and enhancements and all financially related acquisitions and divestitures activities. Prior to joining the Company in 2017, Ms. Phipps served in various accounting and SEC reporting leadership roles over time at Cardinal Health from 2009 to 2017. Prior to that, she worked in public accounting at Ernst & Young from 2003 to 2009. Ms. Phipps holds an active CPA license and earned her Bachelor of Science in Business Administration in accounting and Master of Accounting from The Ohio State University.
There are no arrangements or understandings between Ms. Phipps and any other person pursuant to which she was appointed to serve as the Company’s Chief Financial Officer and principal financial officer. Ms. Phipps has no family relationship with any director or executive officer of the Company, and she has no direct or indirect interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure.
On March 5, 2025, the Company issued a press release to announce the appointment of Ms. Phipps as Chief Financial Officer. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 7.01.
The information furnished under this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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99.1 |
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Press Release of BrightSpring Health Services, Inc., dated March 5, 2025. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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.
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BRIGHTSPRING HEALTH SERVICES, INC. |
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Date: |
March 5, 2025 |
By: |
/s/ Jennifer Phipps |
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Name: Title: |
Jennifer Phipps |
BrightSpring Health Services, Inc. Announces Promotion of Jennifer Phipps to Chief Financial Officer
LOUISVILLE, KENTUCKY, March 5, 2025 – BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG) a leading provider of home and community-based pharmacy and health services for complex populations, today announced the promotion of Jennifer Phipps to Chief Financial Officer. She will succeed Jim Mattingly, current Chief Financial Officer, effective as of March 4, 2025.
Ms. Phipps’ experience at BrightSpring Health Services spans eight years, and she currently serves as Chief Accounting Officer and Principal Accounting Officer, as well as Chief Financial Officer of BrightSpring’s Home Health and Hospice segment and Senior Vice President of Treasury, Risk, Tax, Real Estate, and Procurement for the Company. In her time at BrightSpring, Jen has undertaken a broad set of responsibilities across the organization, which have driven process improvements and consistent outcomes in accounting and finance functions. This has included leading the implementation of technologies that have streamlined financial processes, building a lean-focused procurement team working across all operations, and implementing various accounting and finance systems to optimize controls and enhance efficiencies. Jen has worked closely with Jim Mattingly, BrightSpring’s prior CFO, in all accounting and financial processes across the organization. She played a leading role in the Company’s initial public offering and has remained actively involved in public company processes.
Ms. Phipps brings over 20 years of financial and accounting experience in the healthcare services industry to this role as Chief Financial Officer. Prior to BrightSpring, Jen held various accounting and SEC leadership reporting roles over time at Cardinal Health, where she oversaw an accounting team and finance for a large business and served as a business partner to other key functions including legal, sales, and operations. Prior to that, she worked in accounting at Ernst & Young for 6 years, where she was responsible for annual audits, reviews, and quarterly reviews of financial statements. Ms. Phipps holds an active Certified Public Accountant license and received her Bachelor of Science in Business Administration in accounting and Master of Accounting from The Ohio State University.
“I want to thank Jim for his dedication and important contributions to BrightSpring throughout his successful tenure with the Company. We have realized many significant milestones over this time period, as the Company has continued to scale and evolve as a leader in our industries in very positive ways,” said Jon Rousseau, Chairman, President and Chief Executive Officer at BrightSpring. “I am pleased to promote Jen to the role of Chief Financial Officer, and believe she is extremely well suited to lead BrightSpring’s financial operations. Jen has played a pivotal role in BrightSpring’s finance group, operations, and growth over her last eight years with the Company. She is a highly focused and capable leader that will support BrightSpring’s key strategies and growing business needs. Jen has the right financial and business leadership skills to support the Company’s mission of providing high-quality and impactful community-based pharmacy and provider health solutions to complex populations in need.”
“I am honored to assume the role of Chief Financial Officer at BrightSpring and continue to work alongside our dedicated, skilled, and compassionate team,” said Jennifer Phipps, Chief Financial Officer at BrightSpring. “Not only is this a dynamic organization with a long-standing track record
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of success, but it is also an organization with more potential and possibility. I am committed to applying my prior set of diverse experiences to continue to ensure an extremely strong and leading financial and operational foundation is in place to support the Company’s mission to deliver high-quality patient care to all those who can benefit from our services.”
About BrightSpring Health Services
BrightSpring Health Services provides complementary home- and community-based pharmacy and provider health solutions for complex populations in need of specialized and/or chronic care. Through the Company’s service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive and more integrated care and clinical solutions in all 50 states to over 450,000 customers, clients and patients daily. BrightSpring has consistently demonstrated strong and often industry-leading quality metrics across its services lines while improving the quality of life and health for high-need individuals and reducing overall costs to the healthcare system.
Contact
Investor Relations:
David Deuchler, CFA
Gilmartin Group LLC
ir@brightspringhealth.com
Media Contact:
Leigh White
leigh.white@brightspringhealth.com
502.630.7412