Steve Schuckenbrock to Step Down as Accretive Health President & CEO
April 23 2014 - 4:01PM
Business Wire
Joe Flanagan’s Role Expanded to Lead New
Transformation Office
Accretive Health, Inc. (OTC Pink: ACHI) today announced that its
Board of Directors has accepted the resignation of Steve
Schuckenbrock as president and CEO, effective October 2, 2014,
which is the completion of his contract term. The Board of
Directors has initiated a search for a new CEO with deep healthcare
domain expertise to lead the company through its next phase of
operational enhancement, as well as reigniting the company’s growth
and strategic innovation. Schuckenbrock will continue to serve on
Accretive Health’s Board of Directors, remain as President and CEO
through his contract term, enabling a stable transition to a new
CEO, and managing the completion of the company's financial
restatement as soon as possible.
To continue the company’s momentum, the Board of Directors
appointed current chief operating officer, Joe Flanagan, to lead a
newly created Transformation Office. Flanagan’s expanded
responsibilities will enable him to provide the continuity and
cross-functional accountability to focus on the continued execution
of the company’s turnaround plan by leveraging his broad
operational and restructuring experience.
“A year ago we tapped Steve’s leadership skills to improve the
company’s operational execution,” said Steve Shulman, newly
appointed Chairman of Accretive Health’s Board of Directors. “He
stabilized the company and has been implementing a transformation
focused on customers, front-line execution and investment in
technology. The existing team has created a clear line-of-sight to
complete the financial restatement and established the strong
foundation that will enable the company’s continued success under a
new CEO.”
Shulman, a 40-year healthcare industry veteran, added that under
Flanagan’s leadership of the Transformation Office, the company
will continue to execute on its plan to increase the
value of the company by focusing on client service, the
patient experience, product innovation and the overall culture of
the organization. “At Accretive Health we have a vision to build a
world class revenue cycle management company that enhances our
value proposition to our client partners through continuous
innovation and a unique population health management strategy,”
Shulman added. “The Accretive Health team understands how
healthcare is rapidly evolving, and we are focused on innovating
across the organization to bring new approaches to our clients to
help them achieve optimal value in the face of market changes.”
“We have made substantial progress over the past year, and I am
sincerely grateful for the support I've received from our highly
talented leadership team, our clients, our employees and our Board
of Directors. Our top priority remains completing our financial
restatement, and I am committed to seeing that through to
completion as part of this transition,” Schuckenbrock said. “I
believe we are on the right path, and I look forward to continuing
to support the company as a member of the Board of Directors.”
As previously disclosed, Accretive Health has made substantial
progress on its Form 10-K for the year ended December 31, 2013,
including the financial statements for the years ended December 31,
2013 and 2012 and the restated financial statements for the year
ended December 31, 2011, on which audits are underway. The Company
is currently in the process of working with its auditors to
complete the audits as soon as possible.
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.
Safe Harbor
This press release contains forward-looking statements,
including the Company’s statements regarding its ability to
complete its restatement and hire a new CEO, the success of the
Company under a new CEO, the success of the Company's turnaround
and operational plan, 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 our ongoing restatement 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,” “vision,” “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.
Investor Relations:Atif RahimAccretive Health,
Inc.312-324-5476investorrelations@accretivehealth.comorMedia
Relations:Andrea Rose / Mahmoud SiddigJoele Frank, Wilkinson
Brimmer Katcher212-355-4449
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