Nominate the Best Private Company Boards; Billion $ Business Goes Nonprofit
For private company board members, shareholders and owners.
February 14, 2018
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Nominate the Best Private Company Boards - Billion $ Business Goes Nonprofit  - Milton L. Rock: A Compensation & Human Resources Legacy

FEATURED ARTICLE
Nominate the Best Private Company Boards

We’re looking for private company boards adding value to their organizations!

Nominate your board, or a board you admire.
 
Private Company DirectorFamily Business and  Directors & Boards magazines present the third annual Private Boards of the Year 2018 award, dedicated to honoring private company boards who best serve their stakeholders — owners, shareholders, employees and community. These boards exhibit best practices in their structure, practices and performance.
 
The award is open to the fiduciary or advisory boards of private companies of all sizes and ownership structures. Size of the company, or indeed, of the board, doesn’t matter. 

 

 
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i

TRANSITIONS

Billion-Dollar Family Business Goes Nonprofit

By April Hall

When J. Mark Baiada turned 70 in 2016, he had more to celebrate than just a big birthday. Bayada Home Health Care, the business he had founded in 1975, was generating more than $1 billion in annual revenues. The Moorestown, N.J., company had become the U.S.’s 10th-largest home health agency, with 310 offices in 22 states and 23,000 employees serving 150,000 patients.

Two months before Mark Baiada’s milestone birthday, he announced a plan to restructure his family-owned company into a nonprofit organization. Mark would become chairman of the charitable entity. His son, David, would serve as CEO of the business.

The goal of the change in status is stewardship of the legacy, Mark and David Baiada say.

“This is converting personal wealth for the benefit of home healthcare,” Mark says. He notes as the owner of a billion-dollar company, he’s saved plenty for his retirement. “I don’t need an airplane,” he says.

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COMPENSATION

M ilton L. Rock, Longtime Directors & Boards Publisher, Dies at 96

By Barbara Spector

Milton L. Rock — loving and beloved patriarch, perceptive businessman, community-minded philanthropist and forward-thinking magazine founder — died at home of natural causes on Jan. 27, 2018. He was 96 years old.

Dr. Rock was the managing partner of Hay Associates, a compensation and human resources consulting firm that was sold to Saatchi & Saatchi in 1985. (Today, it is part of Korn Ferry Hay Group.) After the sale of Hay, Dr. Rock formed MLR Holdings LLC along with his son, Robert H. Rock, and the late Charles E. Fiero, both of whom had worked with him at Hay.

MLR owns and operates media and information businesses. Among its first holdings were  Directors & Boards and  Mergers & Acquisitions, both of which Hay had acquired from their founder, Stanley Foster Reed. In 1989, recognizing the need for an educational and informational resource for family companies, Dr. Rock founded  Family Business Magazine.

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