David Baiada is BAYADA Home Health Care's new CEO, replacing his father Mark Baiada, who founded the company in 1975.
David Baiada became CEO and Mark Baiada became chairman of the board the day the announcement on August 17, the same day as the senior Baiada's 70th birthday, according to the company.
In a legacy gift to the company, Mark Baiada will transition his privately-held home health company over the next two years to a non-profit organization.
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This is believed to be the first transition of its kind in the industry, according to a Bayada statement. It is being done to protect the company from sale and to help to ensure that the its mission codified as The BAYADA Way, continues.
Mark Baiada established BAYADA Home Health Care in Philadelphia in 1975 at the age of 27 with $16,000 in savings. He expanded the company over 42 years to more than 335 service offices in the U.S. and internationally, with revenue of more than $1.2 billion.
"Transforming BAYADA into a nonprofit reflects our company's deep commitment to helping people live safely at home and protecting employees' livelihoods, while also setting the stage for sustainable future growth," said Mark Baiada.
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David Baiada has worked for BAYADA since 2002.
"This is a gift Mark shares with our current and future clients and their families, who can be assured they will continue to receive high-quality care focused on comfort, independence, and dignity, and our current and future employees, whose career and calling will be nurtured and their work deeply valued," David Baiada said.
Twitter: @SusanJMorse