Providence Service (NASDAQ: PRSC) reported Q1 EPS of $0.77, $0.39 better than the analyst estimate of $0.38. Revenue for the quarter came in at $505.8 million versus the consensus estimate of $466.7 million.

The company also announced Chief Executive Officer Warren Rustand has informed the Providence Board of Directors that he will be stepping down from his role as the CEO and as a Board Director. Providence's Chairman, Chris Shackelton, will assume the CEO role on an interim basis until a replacement is named. A transition of Mr. Rustand's responsibilities as CEO has commenced, with a formal title change anticipated to occur on June 1, 2015. The Providence Board has engaged Heidrick & Struggles International, Inc. to conduct a broad and comprehensive search for a full time CEO replacement. The search is expected to be completed over the next few months. Mr. Rustand has agreed to remain with the Company as a Senior Advisor for the remainder of 2015.

Commenting on Mr. Rustand's decision to step down from his role as CEO, Mr. Shackelton stated, "Warren has given 10 years of excellent service to Providence as a Board member. In 2012, at the Board's request, Warren agreed to step in as CEO. As CEO, Warren rolled up his sleeves and led the Company through a challenging and transformative period. Providence is undoubtedly a better, stronger Company thanks to Warren. The Board is supportive of Warren's desire to take a step back and appreciative of his leadership and contributions."

Kristi Meints, a Board Member since 2003, added, "Warren has been discussing this transition with the Board for several months, and we are grateful for his willingness to remain involved with the Company as a Senior Advisor. Given Providence's holding company structure, with an experienced corporate leadership team and strong CEOs at our portfolio companies, we do not anticipate any disruption over the interim period. Furthermore, Warren's on-going role as a Senior Advisor combined with Chris's deep familiarity with the operations and management throughout the Company provide a stable foundation from which to lead Providence."

Mr. Rustand added, "I am grateful to Providence's shareholders, board, and employees for having allowed me to serve as CEO over the past two and a half years. It has been a privilege to work with thousands of talented colleagues across multiple countries. I am proud of the Company and the culture we have created together. I look forward to supporting the Company for the remainder of the year as a Senior Advisor and helping to facilitate a smooth transition to Chris as interim CEO and ultimately to a permanent CEO."

For earnings history and earnings-related data on Providence Service (PRSC) click here.