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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a 'villain' narrative style common in activist short reports to cast doubt on management stability.",
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      "text": "It was surprising to see [Strobel] retire so early – I don't think that was expected. - Former Employee, Hill-Rom",
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      "text": "We find the recent departures of relatively longer-tenured executives concerning: perhaps it's simply part of the recent changing of the guard, but the Hill-Rom executive team is now seriously lacking in continuity just as it needs it most.",
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      "text": "It's important to note that some of these executive departures were not announced in advance, or otherwise came as a surprise to their Hill-Rom colleagues. CFO Steve Strobel (age 60) announced his early retirement from his position on Nov 26, 2018 and had stepped down by Dec 3. Most former Hill-Rom employees with whom we spoke were surprised to see him elect for such an early retirement after just four years with Hill-Rom. They were also surprised to see Alton Shader – a long-tenured Hill-Rom employee who had served as president of the billion-dollar Front Line Care business formed from the Welch Allyn acquisition – depart to become CEO of Vein Clinics of America, a network of vein treatment clinics which did just $75M in sales as of 2011. We find the recent departures of relatively longer-tenured executives concerning: perhaps it’s simply part of the recent changing of the guard, but the Hill-Rom executive team is now seriously lacking in continuity just as it needs it most.",
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