LogistiCare Announces CEO Transition
December 08 2016 - 5:00PM
The Providence Service Corporation (“Providence”) (Nasdaq:PRSC) and
its subsidiary, LogistiCare Solutions, LLC (“LogistiCare”), today
announced that LogistiCare’s Chief Executive Officer, Herman
Schwarz, will step down as Chief Executive Officer effective
January 4, 2017. LogistiCare’s Chief Administrative Officer,
Albert Cortina, will assume the role of CEO on an interim basis
until a replacement is named. Providence has engaged Heidrick
& Struggles International, Inc. to conduct a broad and
comprehensive search for a CEO replacement.
“This transition comes at a time when
LogistiCare is accelerating its strategic initiatives to contribute
to the improvement of health outcomes and the control of costs in a
safe and client-focused manner,” said James Lindstrom, Chief
Executive Officer of Providence. “First, we are accelerating
information technology investment to help us and our network of
transportation providers to control costs, improve service and
provide additional insight into our managed populations.
Second, we have initiated alternative transportation capabilities
in certain markets that are expected to ensure access to care in a
safe and cost efficient manner. We are grateful to Herman for
his leadership over the last years, building the platform for
LogistiCare’s next stage of growth and enabling us to convey a
continuously improving value proposition over the next 12
months.”
Mr. Schwarz, who was appointed CEO of
LogistiCare in May 2009, said, “The momentum of LogistiCare’s state
and managed care business is testament to the value, quality and
flexibility of the transportation services we manage, and I am
extremely proud of what our team has accomplished. We believe that
few companies can apply the scale, cost efficiencies and best
practices across 39 states to pace the complex demands of these
programs.”
Mr. Cortina began his career at LogistiCare in
1997 and has served as Chief Administrative Officer since
2007. Prior to his current role, Mr. Cortina served as
LogistiCare’s Chief Operating Officer, Executive VP of Finance and
Controller. Before joining LogistiCare, Mr. Cortina served as
Chief Financial Officer of Premier Practice Management, a
multi-specialty physician practice management organization.
Albert earned a bachelor’s of science in accounting from Florida
State University and is a licensed Certified Public Accountant.
“I will be pleased to serve as LogistiCare’s
interim CEO,” said Mr. Cortina. “LogistiCare has a rich
history of being an innovative industry leader. I plan to
continue to work tirelessly with our team to continue to deliver
safe and efficient transportation services to our managed
populations.”
About LogistiCare
LogistiCare, a wholly owned subsidiary of The Providence Service
Corporation (NASDAQ:PRSC), is the nation’s largest manager of
non-emergency medical transportation programs for state governments
and managed care organizations. Its range of services includes call
center management, networking credentialing, vendor payment
management and non-emergency medical transport management, which
maintains a 99 percent complaint-free service rate.
About Providence
The Providence Service Corporation is a holding
company which owns controlling and non-controlling interests in
companies which provide high quality, technology enabled healthcare
and workforce development services, comprised of non-emergency
transportation services, employment preparation and placement
services, legal offender rehabilitation services, health assessment
services and care management services in the United States and
abroad. For more information, please visit
prscholdings.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “believe,” “demonstrate,” “expect,” “estimate,”
“forecast,” “anticipate,” “should” and “likely” and similar
expressions identify forward-looking statements. In addition,
statements that are not historical should also be considered
forward-looking statements. Readers are cautioned not to place
undue reliance on those forward-looking statements, which speak
only as of the date the statement was made. Such forward-looking
statements are based on current expectations that involve a number
of known and unknown risks, uncertainties and other factors which
may cause actual events to be materially different from those
expressed or implied by such forward-looking statements. These
factors include, but are not limited to, our continuing
relationship with government entities and our ability to procure
business from them, our ability to manage growing and changing
operations, the implementation of the healthcare reform law,
government budget changes and legislation related to the services
that we provide, our ability to renew or replace existing contracts
that have expired or are scheduled to expire with significant
clients, and other risks detailed in Providence’s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended December 31, 2015 and
subsequent filings. Providence is under no obligation to (and
expressly disclaims any such obligation to) update any of the
information in this press release if any forward-looking statement
later turns out to be inaccurate whether as a result of new
information, future events or otherwise.
Investor Relations Contact
Chris Brigleb – VP of Finance
(203) 816-6589
Providence Service (NASDAQ:PRSC)
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