STAMFORD, Conn., Nov. 15, 2017 /PRNewswire/ -- The Providence
Service Corporation (the "Company" or "Providence") (Nasdaq: PRSC) today announced
that Carter Pate has been
appointed as Interim Chief Executive Officer. Mr. Pate
replaces James Lindstrom, who has resigned as
President and Chief Executive Officer. Mr. Lindstrom has also
resigned from the Company's Board of Directors. Providence will conduct a search to identify a
new Chief Executive Officer.
Mr. Pate brings to Providence
extensive experience in healthcare, logistics, transportation and
government contracting, areas directly aligned with the Company's
operating businesses and end markets. Mr. Pate currently serves as
Founder and CEO of Carter Pate, LLC,
a resource for management and boards of directors seeking expertise
and interim C-suite services. Prior to that, he served as the CEO
of one of the largest privately owned passenger transportation
contracting firms based in the United
States. Previously, Mr. Pate spent nearly two decades at
PricewaterhouseCoopers where he held multiple leadership positions
advising Fortune 500 companies and G-20 governments, leading change
management to drive and improve business objectives. Effective
immediately, Mr. Pate's objective is to bridge Providence through this growth phase to a new,
permanent CEO.
"We are pleased to welcome Carter to Providence as Interim CEO as we embark on the
next phase of the Company's growth and development. Carter has
considerable operating, financial, and executive leadership
experience in industries that align directly with Providence's end markets," said Chris Shackelton, Chairman of the Board of
Directors. "With his relevant industry expertise and proven track
record, Carter is ideally suited to lead initiatives to create
further value as we continue to focus on our capital allocation
strategy, review market expansion opportunities, and accelerate
margin enhancement efforts across our portfolio companies. As
evidenced by our recent results, Providence is well-positioned with a solid
operational foundation, robust cash flow and a healthy balance
sheet. I look forward to his leadership as we continue to work hard
to deliver strong performance for our shareholders."
Mr. Shackelton continued, "As we look to the future, Jim
determined, and the Board agreed, that the time was right for a
change in leadership. On behalf of the Board, I would like to thank
Jim for his dedication to Providence since early 2015. Jim played a
critical role in driving the Company's multi-year strategy to
sharpen its focus, achieve excellence in capital allocation and
operations and ultimately, generate value for Providence's shareholders."
"I am excited to take on the role of Interim CEO, working
alongside Providence's outstanding
Board and executive team," Mr. Pate said. "Providence has built a strong portfolio of
leading service providers and networks that operate in markets with
significant long-term growth potential. The Company is
well-positioned to leverage its scale advantages and technology
innovation to drive further operational and client benefits. I look
forward to working closely with the many talented and dedicated
employees as we build a stronger and more valuable Providence."
"After nearly two and a half years as CEO, a period of
significant transformation, growth and development at Providence, the Board and I believe that now
is the right time for a new CEO with different skills to transform
Providence into an even more
effective leader in its segments," said Mr. Lindstrom. "It has been
an honor to lead this Company, working alongside the best in the
business. I am proud of all that we have achieved together, and am
confident that Providence has the
right plan and the right team in place to achieve its
objectives."
About R. Carter Pate
R. Carter Pate joins Providence from Carter
Pate, LLC, where he serves as Founder and CEO. He
previously worked at one of the largest privately owned passenger
transportation contracting firms, where he served as CEO from 2011
to 2014. Prior to that, Mr. Pate spent nearly two decades at
PricewaterhouseCoopers ("PwC"), most recently serving as Global
& U.S. Managing Partner, Capital Projects, Infrastructure &
Government Practice. During his tenure at PwC, Mr. Pate held
multiple leadership positions and advised Fortune 500 companies and
G-20 governments. He currently serves as Chairman of the Board of
Directors for BioScrip, Inc. and Board Chair of Compensation for
Advanced Emissions Solutions, Inc. Author of "The Phoenix
Effect" (now in five languages), Mr. Pate was recently named a
"Board Governance Fellow" by the National Association of Corporate
Directors. He holds a Masters of Accounting & Information
Management from the University of Texas at
Dallas and his B.S. in Accounting from Greensboro College.
About Providence
The Providence Service Corporation owns interests in
subsidiaries and other companies that are primarily engaged in the
provision of healthcare and workforce development services for
public and private sector entities seeking to control costs and
promote positive outcomes. 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. 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
David Shackelton – Chief
Financial Officer
(203) 307-2800
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SOURCE Providence Service Corporation