ST. LOUIS, July 13, 2021 /PRNewswire/ -- Centene Corporation
(NYSE: CNC) announced today an organizational enhancement approved
by the Board of Directors.
In an effort to further recognize the size and scale of the
company, broaden executives' capabilities, and support Centene's
continued growth and innovation, the company has created the Office
of the President (OOP). The OOP will be comprised of Michael Neidorff, Brent
Layton and Sarah London. The
OOP will be effective immediately.
Michael Neidorff will
continue to serve as Chairman,
President and Chief Executive Officer. Under the OOP, Mr. Layton
and Ms. London will continue to report to Michael Neidorff.
"Centene remains focused on innovation, growth, and agility. I
am pleased to announce this organizational structure enhancement.
It is consistent with managing a company of our size and scale and
ensuring the continuity of our businesses under every
circumstance," said Mr. Neidorff. "Brent and Sarah are integral to
our leadership team and, with this enhanced organizational
structure, we are further positioning the company to grow and
achieve even higher levels of performance to better serve the
evolving needs of our members, providers, customers and
shareholders."
Brent Layton, previously
appointed to President of U.S. Health plans, Products, and
International and Executive Vice President will retain
responsibility over Health Plans, Products and International. Mr.
Layton has worked with Centene for over 20 years, first as a
consultant for five years and then joining Centene as an employee
in 2006. Mr. Layton has overseen the development and implementation
of new health plans and international operations, as well as being
on the front lines in Centene's approach with state governments in
developing effective and innovative managed care programs.
Sarah London, previously
appointed President, Health Care Enterprises and Executive Vice
President of Advanced Technology, will
continue in these roles. Health Care Enterprises is a
portfolio of high growth companies independent of Centene health
plans, designing differentiated platform capabilities and
delivering industry-leading products and services to third-party
customers. Previously, she served as a Partner for Optum Ventures
and Chief Product Officer for Optum Analytics, working on product
strategy and expansion.
About Centene Corporation
Centene Corporation, a Fortune 25 company, is a leading
multi-national healthcare enterprise that is committed to helping
people live healthier lives. The Company takes a local approach –
with local brands and local teams – to provide fully integrated,
high-quality, and cost-effective services to government-sponsored
and commercial healthcare programs, focusing on under-insured and
uninsured individuals. Centene offers affordable and high-quality
products to nearly 1 in 15 individuals across the nation, including
Medicaid and Medicare members (including Medicare Prescription Drug
Plans) as well as individuals and families served by the Health
Insurance Marketplace, the TRICARE program, and individuals in
correctional facilities. The Company also serves several
international markets, and contracts with other healthcare and
commercial organizations to provide a variety of specialty services
focused on treating the whole person. Centene focuses on long-term
growth and the development of its people, systems and capabilities
so that it can better serve its members, providers, local
communities, and government partners.
Cautionary Statements on Forward-Looking Statements of
Centene Corporation
All statements, other than statements of current or
historical fact, contained in this communication are
forward-looking statements. Without limiting the foregoing,
forward-looking statements often use words such as "believe,"
"anticipate," "plan," "expect," "estimate," "intend," "seek,"
"target," "goal," "may," "will," "would," "could," "should," "can,"
"continue" and other similar words or expressions (and the negative
thereof). Centene Corporation and its subsidiaries (the "Company",
"our", or "we") intends such forward-looking statements to be
covered by the safe-harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995, and we are including this statement for purposes of
complying with these safe-harbor provisions. In particular, these
statements include, without limitation, statements about Centene's
settlements with Ohio and Mississippi to
resolve claims made by the states with regard to practices at
Envolve, our pharmacy benefits manager subsidiary, and other
possible future claims and settlements related to the practices at
Envolve and our ability to settle claims with other states within
the reserve estimate we have recorded and on other acceptable
terms, or at all, intended use of proceeds from this offering,
including in connection with the Magellan Acquisition, future
operating or financial performance, market opportunity, growth
strategy, competition, expected activities in completed and future
acquisitions, including statements about the impact of the Magellan
Acquisition, Centene's completed acquisition of WellCare Health
Plans, Inc., a Delaware corporation and a wholly-owned
subsidiary of the Company ("WellCare," and such acquisition, the
"WellCare Acquisition"), other recent and future acquisitions,
investments and the adequacy of Centene's available cash
resources.
These forward-looking statements reflect Centene's current
views with respect to future events and are based on numerous
assumptions and assessments made by Centene in light of Centene's
experience and perception of historical trends, current conditions,
business strategies, operating environments, future developments
and other factors Centene believes appropriate. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and are subject to change because they relate to
events and depend on circumstances that will occur in the future,
including economic, regulatory, competitive and other factors that
may cause Centene's or its industry's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and
assumptions. All forward-looking statements included in this
communication are based on information available to Centene on the
date of this communication. Except as may be otherwise required by
law, Centene undertakes no obligation to update or revise the
forward-looking statements included in this communication, whether
as a result of new information, future events or otherwise, after
the date of this communication. You should not place undue reliance
on any forward-looking statements, as actual results may differ
materially from projections, estimates, or other forward-looking
statements due to a variety of important factors, variables and
events including but not limited to: the impact of the novel strain
of coronavirus ("COVID-19") on global markets, economic conditions,
the healthcare industry and Centene's results of operations and the
response by governments and other third parties; the risk that
regulatory or other approvals required for the Magellan Acquisition
may be delayed or not obtained or are subject to unanticipated
conditions that could require the exertion of management's time and
our resources or otherwise have an adverse effect on Centene; the
possibility that certain conditions to the consummation of the
Magellan Acquisition will not be satisfied or completed on a timely
basis and accordingly the Magellan Acquisition may not be
consummated on a timely basis or at all; uncertainty as to the
expected financial performance of the combined company following
completion of the Magellan Acquisition; the possibility that the
expected synergies and value creation from the Magellan Acquisition
or the WellCare Acquisition (or other acquired businesses) will not
be realized, or will not be realized within the respective expected
time periods; the risk that unexpected costs will be incurred in
connection with the completion and/or integration of the Magellan
Acquisition or that the integration of Magellan Health will be more
difficult or time consuming than expected; the risk that potential
litigation in connection with the Magellan Acquisition may affect
the timing or occurrence of the Magellan Acquisition or result in
significant costs of defense, indemnification and liability; a
downgrade of the credit rating of our indebtedness, which could
give rise to an obligation to redeem existing indebtedness; the
inability to retain key personnel; disruption from the
announcement, pendency, completion and/or integration of the
Magellan Acquisition or from the integration of the WellCare
Acquisition, or similar risks from other acquisitions we may
announce or complete from time to time, including potential adverse
reactions or changes to business relationships with customers,
employees, suppliers or regulators, making it more difficult to
maintain business and operational relationships; Centene's ability
to accurately predict and effectively manage health benefits and
other operating expenses and reserves, including fluctuations in
medical utilization rates due to the impact of COVID-19;
competition; membership and revenue declines or unexpected trends;
changes in healthcare practices, new technologies, and advances in
medicine; increased healthcare costs; changes in economic,
political or market conditions; changes in federal or state laws or
regulations, including changes with respect to income tax reform or
government healthcare programs as well as changes with respect to
the Patient Protection and Affordable Care Act ("ACA") and the
Health Care and Education Affordability Reconciliation Act,
collectively referred to as the ACA and any regulations enacted
thereunder that may result from changing political conditions, the
new administration or judicial actions, including the ultimate
outcome in "Texas v. United
States of America" regarding the constitutionality of the ACA; rate
cuts or other payment reductions or delays by governmental payors
and other risks and uncertainties affecting Centene's government
businesses; Centene's ability to adequately price products; tax
matters; disasters or major epidemics; changes in expected contract
start dates; provider, state, federal, foreign and other contract
changes and timing of regulatory approval of contracts; the
expiration, suspension, or termination of Centene's contracts with
federal or state governments (including but not limited to
Medicaid, Medicare, TRICARE or other customers); the difficulty of
predicting the timing or outcome of pending or future legal and
regulatory proceedings or matters, including the ongoing regulatory
review of claims against our PBM business or whether additional
claims, reviews or investigations relating to our PBM business will
be brought by other states, the federal government or shareholder
litigants, or government investigations; challenges to Centene's
contract awards; cyber-attacks or other privacy or data security
incidents; the exertion of management's time and Centene's
resources, and other expenses incurred and business changes
required in connection with complying with the undertakings in
connection with any regulatory, governmental or third party
consents or approvals for acquisitions, including the Magellan
Acquisition; disruption caused by significant completed and pending
acquisitions making it more difficult to maintain business and
operational relationships; the risk that unexpected costs will be
incurred in connection with the completion and/or integration of
acquisition transactions; changes in expected closing dates,
estimated purchase price and accretion for acquisitions; the risk
that acquired businesses will not be integrated successfully;
restrictions and limitations in connection with Centene's
indebtedness; Centene's ability to maintain or achieve improvement
in the Centers for Medicare and Medicaid Services ("CMS") star
ratings and maintain or achieve improvement in other quality scores
in each case that can impact revenue and future growth;
availability of debt and equity financing, on terms that are
favorable to us; inflation; foreign currency fluctuations; and
risks and uncertainties discussed in the reports that Centene has
filed with the SEC. This list of important factors is not intended
to be exhaustive. Centene discusses certain of these matters more
fully, as well as certain other factors that may affect Centene's
business operations, financial condition and results of operations,
in Centene's prospectus supplement for the offering described
herein and filings with the SEC, including Centene's annual report
on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K. Due to these important factors and risks, Centene cannot
give assurances with respect to Centene's future performance,
including without limitation Centene's ability to maintain adequate
premium levels or Centene's ability to control its future medical
and selling, general and administrative costs.
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SOURCE Centene Corporation