Some eight months later, Brown, the CFO who is also senior vice president and a director at LHC Group, has announced his resignation from the company and is hoping to relieve Walker ' who also is head of auxiliary services ' of his temporary duties. The athletic director's job was left vacant last July when Nelson Schexnayder, citing limited financial support for the university's athletic programs, asked to be reassigned within the university.
On Monday, Brown confirmed he was finalizing an update of his rÃ©sumÃ© and would be delivering it and an application letter later in the day to the UL search committee.
The Natchez, Miss., native who now calls Lafayette home is applying for a job that did not immediately yield many quality candidates, in part due to fundraising constraints and UL's limited athletic budget. The search committee, chaired by Hunter Trahan, has been in a holding pattern since early November, pending the outcome of this legislative session so the university can better assess its budgetary situation.
The pay ' Schexnayder was earning $89,440 when he left after 11 years ' is far less than the $334,000 Brown earns at LHC Group, which provides post-acute health care services primarily to Medicare beneficiaries in rural markets in the southern United States.
Trahan says the salary, which is sure to have a cap, will depend on the person's qualifications and experience. Early Monday afternoon he was unaware Brown planned to apply for the job.
The salary does not appear to be an issue for Brown, who is staying on at LHC Group through June in order to play an active role in finding his replacement.
"I don't do everything in life for money," says Brown, who turns 50 this year. "At this point in my life, I want to do something different. I still have ownership in LHC and will continue to do so." In the IPO, which raised $67.2 million, Brown made $536,000 from the sale of his shares in the company and still owns $3.6 million worth of stock.
Though Brown admittedly has little background in athletics, he maintains that he is qualified, saying most universities are favoring professional experience in the workplace over former coaches and others with related skills. "I think you have to promote, you have to raise money, you have to run the athletic department as a business," he says. "It's something I really want to do."
A four-sport letterman and football standout at Cathedral High School in Natchez, Brown walked on as a football player at LSU in 1974. He earned a scholarship, though he only played on the scout team. "It basically was a way to pay for my education," says Brown, who earned a bachelor of science from LSU. About 16 years later, when he was 35, Brown approached then-LSU athletic director Joe Dean about a position in his department, but there were no openings. Brown says he never shook the itch.
The finance chief also downplays the role his political connections ' First Assistant Attorney General Nick Gachassin Jr. and his Lafayette law firm serve as legal counsel to LHC Group, and Gachassin is a legal adviser and close friend of the Blancos ' will have in the decision-making process. In addition to Gachassin's current role at LHC Group, advice the lawyer offered the company's founders in the mid-1990s was a turning point that ignited LHC Group's first real growth spurt ("Health Care Jackpot," March 15).
Brown maintains the AD's job is far from a slam dunk. "I'm as big a dark horse who ever entered [the running]," he says. "I hope to have an opportunity to interview." Brown declined to comment on the prospect of taking over a department in the midst of an NCAA investigation that now concerns eligibility of a former basketball standout and possible illegal summer football practices.
In the meantime, Brown also has secured the rights to develop a Doe's restaurant in Baton Rouge, which he hopes to open before the end of the year, and on the Mississippi Gulf Coast. His Doe's of Lafayette at 530 W. Pinhook Road, a steak and tamale eatery, is located in the same complex as LHC Group's headquarters.
Brown worked as senior auditor for Arthur Young & Co. in Houston from 1979-1984 and has spent most of his professional career in the public company arena, including a 1984-1991 stint at California-based Kasler Corp., a general contractor specializing in road and bridge construction; and a five-year run with Equity Corporation International, a funeral home and cemetery company based in Lufkin, Texas.
Brown's resignation, made public in connection with a March 31 announcement of a fall in earnings at LHC Group for the year (which the company had pre-released Feb. 23), does not appear to have adversely affected the company's stock price. The stock, which closed at $15.81 on March 30, was up slightly, closing at $16 the day of the announcements. For the full year, LHC Group posted net income of $8.6 million, or 59 cents per share, down from $9.3 million, or 76 cents per share, in 2004. Excluding one-time items, the company earned 81 cents per share for the year versus 73 cents in 2004. Revenue rose 32 percent to $162.5 million from $123 million.
The company also reported a 34 percent rise in fourth quarter profit, attributable mainly to a $10 million increase in quarterly revenue. In contrast, LHC Group competitor Amedisys' disappointing fourth quarter and abrupt resignation of its CFO sent the Baton Rouge-based company's stock tumbling almost 25 percent overnight in late February.
"There's absolutely no similarity [with Amedisys]," Brown says. "We hit our estimate."
At least one analyst, Arthur Henderson of Jefferies & Co., LHC Group's lead underwriter on the IPO, is holding firm to a positive outlook for the company. Henderson downgraded Amedisys from a buy to an underperform, citing management's credibility in light of the significant miss on earnings expectations and the company's 2006 outlook. Henderson, who has since upgraded Amedisys to a hold, maintains a buy recommendation on LHC Group.
Brown also was quick to dismiss any effect The Independent Weekly's March story on LHC Group may have had on his standing with the company. For that story, the CFO threatened in a voice mail message that publishing data on insider transactions ' specifically easily accessible public information that the IPO had been a multi-million windfall for a number of LHC Group shareholders ' would affect the company's advertising purchases in this newspaper.
"My thought process had begun for this long before that story came out," Brown says.
Local and state agents Thursday night raided The Keg, the popular college bar located in the area known as The Strip, leading to the (at least) temporary closure of the venue.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Friday, April 18, 2014:
Friday's Blogs from the Bog!
Time and time again, the Lafayette Parish School Board shows an overwhelming tendency toward idiocy, but Wednesday night’s contentious discussion over Northside High School’s teen mother program tops the list of dumb discussions.
“The accomplishment of this goal within the next ten years is not only critical for the region to effectively compete with other regions for residents and businesses, but also to provide an amenity for everyone in Acadiana to enjoy.”
Education Superintendent John White says a continued push to try to keep Louisiana from using tests associated with the Common Core education standards are creating "a state of chaos" for public school teachers.
Gov. Bobby Jindal's plan to use $210 million in surplus and one-time money to help balance next year's budget received the backing Thursday of the State Bond Commission, support that was needed for the maneuver to work.
State wildlife and fisheries agents have arrested a 39-year-old man accused of stealing crawfish.
An East Feliciana Parish lawmaker has jettisoned his proposal to make it harder for a condemned prisoner to appeal a death sentence.
Senators advanced a proposal Wednesday that would let the governor remove New Orleans-area levee board members for violating what he considers to be public policy, despite concerns it would introduce political meddling into state flood protection.
The Lafayette City-Parish Council on Tuesday will vote on a resolution that if approved would clear the way for a December ballot proposition asking voters to approve a 1-cent sales tax parishwide to help fund the construction of a new terminal at Lafayette Regional Airport.
Just days before the fourth anniversary of the 2010 Deepwater Horizon disaster and oil spill, the Coast Guard has moved cleanup of Louisiana's coast to a new phase, allowing BP to end its "active" efforts in the area.
Legislators still must leave their guns at the door of the Louisiana Capitol.
Sen. Fred Mills may have an "R" behind his name, but his actions in the Louisiana Legislature transcend the established boundaries of his party.
The Louisiana House overwhelmingly rejected a repeal of the state's unconstitutional anti-sodomy law Tuesday.
The Louisiana Senate sided with Gov. Bobby Jindal and the oil industry Tuesday, agreeing to void a lawsuit that a south Louisiana flood board filed against more than 90 oil and gas companies for coastal damage.
Acadian rep notifies would-be supporters that an April 25 fundraiser for the embattled U.S. rep won’t go on as planned.
While it isn’t all too unusual for public bodies to have hired security present during meetings, the LPSB’s push to do so is arguably a response to the antics of one board member.
“I’m running. Why would I be raising all this money? Just to have to return it to people?”
With incumbent U.S. Sen. Mary Landrieu watching from afar, and with a united Democratic Party in her corner, the fight to get the GOP officially behind Congressman Bill Cassidy is gaining just as much momentum as it is hushed controversy.
15th Judicial District Judge Durwood Conque has announced that he will not seek re-election after 27 years on the bench.
The controversial standardized tests are set to be used in third-grade through eighth-grade public school classrooms next year.
The Louisiana Senate has agreed to prohibit unmanned aircraft from flying over chemical plants, water treatment systems, telecommunications networks and other items considered "critical infrastructure" in Louisiana.
It didn’t take long for KATC TV 3 to jump all over the news of a dead body found in Girard Park, but in its rush to produce headlines, the local TV station got sloppy.
An unholy trinity of civil-society upheavalers whose first names are not Conner, Tanner or Logan are facing charges in Eunice.