Accretive Health, Inc. (OTC Pink: ACHI) today announced that Steve Shulman, an independent member of the Company’s Board of Directors since April 2013, has been elected Chairman of the Board of Directors effective April 2, 2014. This follows Mary Tolan’s previously announced decision to step down as Chairman of the Board. Ms. Tolan will continue to serve as a director of the Company through Accretive Health’s 2014 annual meeting of shareholders.
“I am honored to take on this role as Chairman,” said Mr. Shulman. “Our Board and leadership team have been working to strengthen Accretive Health’s foundation to ensure that we are well positioned to capture the growth opportunities emerging in the face of ongoing industry change. We have made significant progress toward becoming current in our financials, and at the same time, have made operational improvements that are helping us to build a stronger client-centric culture. I look forward to continuing to work with the Company’s Board and leadership team to continue our important work.”
“Over the past year, Steve has been an invaluable resource to the Company,” said Steve Schuckenbrock, president and chief executive officer of Accretive Health. “He brings more than 40 years of experience in the healthcare industry as well as significant leadership and operational expertise. As Chairman, Steve’s leadership will be vital as we continue to implement our strategy to serve our clients in a dynamic and evolving healthcare marketplace and help ensure the sustainability of their patient care missions.”
“In ten years, we have grown Accretive Health from a startup to a Company that serves the leading names in healthcare across the country, and I believe now is the right time to make this transition,” Ms. Tolan said. “I am confident that Steve is the right leader as Chairman to position Accretive Health for its next chapter of growth and success. I look forward to continuing to serve on the Board through the annual meeting and to following the Company’s success well into the future.”
Accretive Health added four new Board members in 2013, including: Mr. Shulman, Alex J. Mandl, Robert V. Stanek and current president and chief executive officer Steve Schuckenbrock.
Steve Shulman most recently served as the chairman of the board of Health Management Associates, where he oversaw the company’s successful sale to Community Health, which closed this past January. He is the former chairman and chief executive officer of Magellan Health Services, Inc., where he spearheaded the company’s successful turnaround and restructuring out of bankruptcy, and diversification into the nation’s foremost specialty healthcare management company. He also led Prudential Healthcare through its major turnaround while serving as the company’s chairman, president and CEO, culminating in the company’s successful sale to Aetna. Steve is the co-founder of Value Health, Inc., a NYSE managed care company, specializing in behavioral health and prescription drug benefits. He also founded Internet HealthCare Group, an early-stage health and technology venture fund. Previously, he held leadership roles at CIGNA and Kaiser Permanente. In addition to serving as Chairman of Accretive Health, Steve serves as the chairman of Access MediQuip and CareCentrix. He also serves as a director of Facet Technologies, Health Markets, MedImpact and Oasis Outsourcing. Steve has been recognized for his leadership including being named one of the top CEOs in the managed care industry by Institutional Investor Magazine. He received his bachelor’s degree in economics and master’s degree in health services administration from the State University of New York at Stony Brook.
About Accretive Health
At Accretive Health, our mission is to partner with healthcare communities to serve as a catalyst for a healthier future for all. For more information, visit www.accretivehealth.com.
This press release contains forward-looking statements, including the Company’s statements regarding its ability to complete its restatement and make required SEC filings, and statements regarding the Company’s strategic initiatives. All forward-looking statements contained in this press release involve risks and uncertainties. Our actual results and outcomes could differ materially from those anticipated in these forward-looking statements as a result of various factors, including the possibility that any restatement that may be required could have unanticipated consequences and the factors set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the SEC on November 8, 2012, under the heading “Risk Factors”. The words “strive,” “objective,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections, or expectations prove incorrect, actual results, performance, financial condition, or events may vary materially and adversely from those anticipated, estimated, or expected.
All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The Company cautions readers not to place undue reliance on any forward-looking statement that speaks only as of the date made and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the uncertainties and factors described above, as well as others that the Company may consider immaterial or does not anticipate at this time. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, the Company does not know whether its expectations may prove correct. The Company’s expectations reflected in its forward-looking statements can be affected by inaccurate assumptions it might make or by known or unknown uncertainties and factors, including those described above. The risks and uncertainties described above are not exclusive, and further information concerning the Company and its business, including factors that potentially could materially affect its financial results or condition or relationships with customers and potential customers, may emerge from time to time. The Company assumes no, and it specifically disclaims any, obligation to update, amend, or clarify forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. The Company advises investors, however, to consult any further disclosures it makes on related subjects in our periodic reports that it files with or furnishes to the SEC.
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