Ryan McGroarty
to Become Chief Financial Officer
SCOTTSDALE, Ariz., Feb. 27,
2025 /PRNewswire/ -- LifeStance Health Group,
Inc. ("LifeStance" or the "Company") (Nasdaq: LFST), one of
the nation's largest providers of outpatient mental health care,
today announced that its Board of Directors has appointed
Dave Bourdon as the Company's new
Chief Executive Officer. Bourdon, who joined LifeStance as Chief
Financial Officer in 2022, is succeeding Ken Burdick, who is retiring from his role as
CEO and will assume the role of Executive Chairman. Bourdon has
also been appointed to serve on the Board of Directors. In
addition, Ryan McGroarty has been
appointed to serve as the company's new Chief Financial Officer and
brings over 25 years of health care experience, including 15 years
in CFO roles. Bourdon's appointment is effective Monday, March 3, and McGroarty's appointment is
effective Monday, March 17.
"Since joining LifeStance, we've made tremendous progress
fortifying our foundation and strengthening our leadership bench to
ensure that we provide an exceptional patient experience in
alignment with our mission," said Burdick. "Given our consistently
strong operational and financial performance, I am confident that
now is the right time to transition to a new CEO and believe Dave
is exceptionally qualified to lead LifeStance into this exciting
new chapter, while I continue to contribute to our long-term
strategic direction."
Burdick continued, "Having worked closely with Dave, I know that
this continuity in leadership will help LifeStance continue its
strong momentum over the long term. Dave's strategic thinking, deep
health care experience and collaborative relationships with both
internal teams and external stakeholders have helped us deliver
consistently strong financial and operational performance over the
last two years. His passion for executing on our mission to expand
access to high-quality, affordable mental health care, demonstrated
commitment to our core values and patient-first mindset make him
the right leader to guide LifeStance into the future."
Bourdon said, "I am honored to serve as LifeStance's next CEO
and have the opportunity to lead such an incredibly dedicated and
talented team as we continue to focus on transforming mental health
care and expanding access to communities across the country. I'm
proud of the strong progress we've achieved over the last two years
and look forward to working together to drive clinical and
operational excellence, exceptional service for our patients and,
in turn, profitable growth for shareholders. It has been a
privilege to work alongside Ken, and I look forward to our
continued collaboration as Ken steps into the Executive Chair role
and we build on our positive momentum in the market."
Bourdon has served as CFO of LifeStance since November 2022. He has more than two decades of
experience in the health care and mental health industries in both
financial and operational roles. He previously served as CFO of
Magellan Health, a leader in behavioral health and pharmacy
management, and held multiple positions at Cigna. He began his
career serving for eight years with the United States Coast
Guard.
Burdick has served as CEO and Chairman since September 2022 and has held numerous executive
and leadership roles over the course of his 45-year career in
health care. Under his leadership, LifeStance has delivered
consistent financial performance, meeting or exceeding expectations
in each of the last nine quarters. Before joining LifeStance, he
served as the Executive Vice President of Markets and Products at
Centene Corporation, before retiring in 2021. Previously, he was
the Chief Executive Officer of WellCare Health Plans, Inc., where
he led the company in its mission to provide quality,
cost-effective health care for Medicare and Medicaid
beneficiaries.
McGroarty previously served as Chief Financial Officer of Help
at Home, the leading national provider of innovative, high-quality,
relationship-based, in-home care services for seniors and people
living with disabilities. Prior to Help at Home, McGroarty served
in multiple CFO roles at Cigna, most recently as Chief Financial
Officer of Government Business. He has extensive experience in
government and commercial programs, delivery of health care and
population and value-based solutions.
As previously announced, LifeStance will hold a conference call
today, February 27 at 8:30 a.m. Eastern Time to discuss the Company's
fourth quarter and full year 2024 results.
About LifeStance Health
Founded in 2017,
LifeStance (Nasdaq: LFST) is reimagining mental health. We are one
of the nation's largest providers of virtual and in-person
outpatient mental healthcare for children, adolescents and adults
experiencing a variety of mental health conditions. Our mission is
to help people lead healthier, more fulfilling lives by improving
access to trusted, affordable, and personalized mental healthcare.
LifeStance and its supported practices employ approximately 7,400
psychiatrists, advanced practice nurses, psychologists and
therapists and operate across 33 states and more than 550 centers.
To learn more, please visit www.LifeStance.com.
Forward-Looking Statements
Statements in this
press release that express a belief, expectation or intention, as
well as those that are not historical fact, are forward-looking
statements. These statements include, but are not limited to,
statements with respect to the Company's business plans and
objectives and other statements contained in this press release
that are not historical facts. When used in this press release,
words such as "may," "will," "should," "could," "intend,"
"potential," "continue," "anticipate," "believe," "estimate,"
"expect," "plan," "target," "predict," "project," "seek" and
similar expressions as they relate to us are intended to identify
forward-looking statements. They involve a number of risks and
uncertainties that may cause actual events and results to differ
materially from such forward-looking statements. These risks and
uncertainties include, but are not limited to: if reimbursement
rates by third-party payors are reduced or if third-party payors
otherwise restrain our ability to obtain or deliver care to
patients, our business could be harmed; we may not grow at the
rates we historically have achieved or at all, even if our key
metrics may imply future growth, including if we are unable to
successfully execute on our growth initiatives and business
strategies; if we fail to manage our growth effectively, our
expenses could increase more than expected, our revenue may not
increase proportionally or at all, and we may be unable to execute
on our business strategy; our ability to recruit new clinicians and
retain existing clinicians; we conduct business in a heavily
regulated industry and if we fail to comply with these laws and
government regulations, we could incur penalties or be required to
make significant changes to our operations or experience adverse
publicity, which could have a material adverse effect on our
business, results of operations and financial condition; we are
dependent on our relationships with supported practices, which we
do not own, to provide healthcare services, and our business would
be harmed if those relationships were disrupted or if our
arrangements with these entities became subject to legal
challenges; we operate in a competitive industry, and if we are not
able to compete effectively, our business and financial condition
would be harmed; the impact of health care reform legislation and
other changes in the healthcare industry and in health care
spending on us is currently unknown, but may harm our business; if
our or our vendors' security measures fail or are breached and
unauthorized access to our employees', patients' or partners' data
is obtained, our systems may be perceived as insecure, we may incur
significant liabilities, including through private litigation or
regulatory action, our reputation may be harmed, and we could lose
patients and partners; our business depends on our ability to
effectively invest in, implement improvements to and properly
maintain the uninterrupted operation and data integrity of our
information technology and other business systems; our existing
indebtedness could adversely affect our business and growth
prospects; and other risks and uncertainties set forth under "Risk
Factors" included in the reports we have filed or will file with
the Securities and Exchange Commission, including our Annual Report
on Form 10-K for the year ended December 31,
2023 and subsequent filings made with the Securities and
Exchange Commission. LifeStance does not undertake to
update any forward-looking statements made in this press release to
reflect any change in management's expectations or any change in
the assumptions or circumstances on which such statements are
based, except as otherwise required by law.
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SOURCE LifeStance Health
