Back in January, Larry McAfee, CFO of US Physical Therapy, announced he would retire in October 2020. He turned 65 in January. Due to the current business environment, the company has now disclosed that Mr McAfee will postpone his retirement to a later date.
The company had begun a search for his successor, but that has now been put on hold.
The company operates 583 outpatient physical therapy clinics in 40 states. It also manages 26 physical therapy practices for unrelated physician groups and hospitals. The company (market cap $824 million) has its corporate office in west Houston.
The company has been adversely impacted by COVID-19. Many of its clinics have had to close due to ‘stay in place’ restrictions. Even those that remain open have seen a significant drop in patient volume. The company is taking steps to mitigate losses, including cutting salaries for senior executives.