The GEO Group Announces the Appointment of George C. Zoley as Executive Chairman and Jose Gordo as Chief Executive Officer
June 01 2021 - 6:55AM
Business Wire
The GEO Group, Inc. (NYSE: GEO) (“GEO”) announced today
that GEO’s Chairman, Chief Executive Officer and Founder, George C.
Zoley, will transition to the position of Executive Chairman of
GEO’s Board of Directors under a new five-year employment agreement
with subsequent automatic one-year renewals, and Jose Gordo will be
appointed Chief Executive Officer effective July 1, 2021, reporting
to Mr. Zoley.
“The transition to Executive Chairman will allow me to focus on
the strategic planning and execution of our company’s future
direction, while allowing Jose Gordo and our Senior Management Team
to focus on day-to-day operations and the delivery of our services.
We are pleased to have Mr. Gordo join our management team. He
brings a wealth of experience and knowledge to our company,” said
Mr. Zoley.
Mr. Gordo stated, “I am delighted to join GEO’s Senior
Management Team having served on GEO’s Board of Directors since
October 2019 and having been involved in providing outside counsel
to GEO for approximately 20 years. I’m looking forward to working
closely with Mr. Zoley, our Board, and our management as we execute
on the future strategic direction of our company.”
Jose Gordo currently serves as an Independent Director and Chair
of the Nominating and Corporate Governance Committee of GEO’s Board
of Directors. Mr. Gordo has over 20 years of experience in business
management, private equity, corporate finance, and business law.
Since June 2017, Mr. Gordo has served as the Managing Partner of a
general partnership that invests in and actively oversees small and
medium-sized privately held companies, with a focus on the
healthcare, technology, and financial services industries. From
2013 to early 2017, Mr. Gordo served as the Chief Financial Officer
of magicJack Vocaltec Ltd., a publicly traded company in the
telecommunications industry. Prior to that position, Mr. Gordo
served as a Managing Director at The Comvest Group, a Florida-based
private equity firm. Previously, Mr. Gordo was a partner at the
national law firm of Akerman LLP, where he specialized in corporate
law matters, advising public and private companies and private
equity firms on mergers and acquisitions and capital markets
transactions. He also previously represented GEO as outside counsel
for several years.
He received a J.D. degree from Georgetown University Law Center
and a B.A. degree from the University of Miami. Mr. Gordo has
extensive experience in business management, finance, corporate
strategy, operations, and business law. His extensive experience in
these areas and his deep understanding of GEO will strengthen the
company’s collective knowledge, capabilities, and experience.
About The GEO Group
The GEO Group (NYSE: GEO) is a fully integrated equity real
estate investment trust specializing in the design, financing,
development, and operation of secure facilities, processing
centers, and community reentry centers in the United States,
Australia, South Africa, and the United Kingdom. GEO is a leading
provider of enhanced in-custody rehabilitation, post-release
support, electronic monitoring, and community-based programs. GEO’s
worldwide operations include the ownership and/or management of 116
facilities totaling approximately 92,000 beds, including idle
facilities and projects under development, with a workforce of up
to approximately 21,000 professionals.
Safe-Harbor Statement
This press release contains forward-looking statements regarding
future events and future performance of GEO that involve risks and
uncertainties that could materially affect actual results,
including statements regarding the appointments of George C. Zoley
as Executive Chairman and Jose Gordo as Chief Executive Officer.
Risks and uncertainties that could cause actual results to vary
from current expectations and forward-looking statements contained
in this press release include, but are not limited to: (1) the
Board’s ability to evaluate and conclude its evaluation regarding
GEO’s corporate tax structure and REIT status by the fourth quarter
of 2021; (2) changes in federal and state government policy,
orders, directives, legislation and regulations that affect
public-private partnerships with respect to secure, correctional
and detention facilities, processing centers and reentry centers,
including the timing and scope of implementation of President
Biden's Executive Order directing the U.S. Attorney General not to
renew the U.S. Department of Justice contracts with privately
operated criminal detention facilities; (3) changes in federal
immigration policy; (4) public and political opposition to the use
of public-private partnerships with respect to secure correctional
and detention facilities, processing centers and reentry centers;
(5) the magnitude, severity, and duration of the current COVID-19
global pandemic, its impact on GEO and GEO's ability to mitigate
the risks associated with COVID-19; (6) GEO’s ability to sustain or
improve company-wide occupancy rates at its facilities in light of
the COVID-19 global pandemic and policy and contract announcements
impacting GEO’s federal facilities in the United States; (7)
fluctuations in our operating results, including as a result of
contract terminations, contract renegotiations, changes in
occupancy levels and increases in our operating costs; (8) general
economic and market conditions, including changes to governmental
budgets and its impact on new contract terms, contract renewals,
renegotiations, per diem rates, fixed payment provisions, and
occupancy levels; (9) GEO’s ability to timely open facilities as
planned, profitably manage such facilities and successfully
integrate such facilities into GEO’s operations without substantial
costs; (10) GEO’s ability to win management contracts for which it
has submitted proposals and to retain existing management
contracts; (11) risks associated with GEO’s ability to control
operating costs associated with contract start-ups; (12) GEO’s
ability to successfully pursue growth and continue to create
shareholder value; (13) GEO’s ability to obtain financing or access
the capital markets in the future on acceptable terms or at all;
(14) GEO’s ability to remain qualified as a REIT, including its
ability to declare future dividend payments, should the Board
determine not to change its current intent to maintain GEO’s REIT
status; and (15) other factors contained in GEO’s Securities and
Exchange Commission periodic filings, including its Form 10-K, 10-Q
and 8-K reports.
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version on businesswire.com: https://www.businesswire.com/news/home/20210601005304/en/
Pablo E. Paez, (866) 301 4436 Executive Vice President,
Corporate Relations
Geo (NYSE:GEO)
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