Centric Health Announces Change of Board Chairman

Jun 18, 2018
7:00am

Dr. Jack Shevel to retire as Chairman and appointed as Chairman Emeritus – Mr. Kevin Dalton appointed as new Independent Chairman

TORONTO, June 18, 2018 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) today announced that Dr. Jack Shevel, the Chairman of the Board of Directors of the Company ("Board") for the last ten years will be retiring as Chairman effective as of June 30, 2018 but will remain on the Board as Chairman Emeritus. Dr. Shevel will continue to provide strategic vision for the Company but will take a less active role. Kevin Dalton, a current independent member of the Board and Chair of the Compensation and Human Resources Committee, will succeed Dr. Shevel as the Chairman of the Board. This furthers the Company's pursuit of corporate governance best practices as well as the Board's confidence in management's ability to execute on the core business plan and key growth initiatives.

Dr. Shevel said "We have a great management team with new leadership under David Murphy as President and Chief Executive Officer. I am confident that this team with David's leadership will execute on the Company's strategic vision and plans, including our Karie and Cannabis opportunities. I look forward to continuing to work with management and my fellow Board members to enhance value for all our shareholders."

Mr. Dalton said "The Board is grateful for the valuable contribution that Dr. Shevel has made to the Company. We look forward to continuing to receive his guidance and support as Chairman Emeritus and fellow Board member. The Company will continue to regularly assess its strategies and Board composition for effectiveness and contribution. This is a new era for the Company with a recently appointed President and Chief Executive Officer and a young, talented and incentivized management team. The Company has embraced a culture of performance and operational excellence with new business opportunities to augment its national business platforms. We are excited for the next chapter of the Company."

Mr. Dalton was appointed to the Board in 2017. Mr. Dalton has over 20 years of capital markets and investment banking experience, primarily at CIBC Capital Markets.

About Centric Health
Centric Health's vision is to be Canada's most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:

  • The Specialty Pharmacy division is a "Seniors First" model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 28,000 residents in over 440 seniors communities (long-term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.

  • The Surgical & Medical Centres division is Canada's largest independent surgical provider operating five facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.

With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term. www.centrichealth.ca

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, strategies, alternatives, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from.

SOURCE Centric Health Corporation

For further information: David Murphy, President and Chief Executive Officer, Centric Health Corporation, 416-927-8400; Leslie Cho, Chief Financial Officer, Centric Health Corporation, 416-927-8400