Pediatrix Medical Group Appoints Mark S. Ordan as CEO

On January 12, 2025, Pediatrix Medical Group, Inc. announced the appointment of Mr. Mark S. Ordan as the Chief Executive Officer and principal executive officer, effective immediately. Mr. Ordan, aged 65, has been a Director of the Company since July 2020 and had previously served as the Executive Chair of the Board from January 2023 to June 2023, and as the Company’s Chief Executive Officer from July 2020 to December 2022.

In connection with his new role, Mr. Ordan, the Company, and a wholly-owned subsidiary entered into an employment agreement with an initial term of five years. According to the agreement, Mr. Ordan is set to receive an annual salary of $1 million, a one-time cash retention award of $2 million, an annual performance bonus, an equity transformation award, and annual equity grants.

The Employment Agreement also outlines severance conditions in the event of termination by the Company without “Cause” or by Mr. Ordan for “Good Reason,” including cash severance and acceleration of equity awards. Furthermore, Mr. Ordan is subject to non-competition, non-solicitation, non-disparagement, and confidentiality provisions.

Mr. Ordan will continue to serve as a member and Chair of the Board without compensation for his Board service. The Company clarified that there are no other arrangements or family relationships influencing Mr. Ordan’s appointment. Additionally, there have been no significant transactions between the Company and Mr. Ordan, aside from his compensation for Board service and previously disclosed severance from his prior tenure as Chief Executive Officer.

As part of the transition, Dr. James D. Swift’s departure from the role of Chief Executive Officer constitutes a termination without “Cause” as per the existing employment agreement, with Dr. Swift entitled to benefits stipulated in the agreement upon signing a general release of claims.

The full details of the Employment Agreement will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.

This report was duly signed by Kasandra H. Rossi, the Chief Financial Officer of Pediatrix Medical Group, Inc., on January 14, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Pediatrix Medical Group’s 8K filing here.

About Pediatrix Medical Group

Pediatrix Medical Group, Inc, together with its subsidiaries, provides newborn, maternal-fetal, pediatric cardiology, and other pediatric subspecialty care services in the United States. It offers neonatal care services, such as clinical care to babies born prematurely or with complications within specific units at hospitals through neonatal physician subspecialists, neonatal nurse practitioners, and other pediatric clinicians.