MEDNAX Announces Financial Leadership Transition
August 25 2020 - 6:50AM
Business Wire
C. Marc Richards Appointed Executive Vice
President, to Succeed Stephen D. Farber as Chief Financial
Officer
MEDNAX, Inc. (NYSE: MD), the nation’s leading provider of
maternal-fetal, newborn and pediatric subspecialty care, today
announced that C. Marc Richards has been appointed as Executive
Vice President. The Company anticipates that Mr. Richards will
assume the additional role of Chief Financial Officer in October
2020, succeeding Stephen D. Farber, who has announced his plan to
depart the Company to pursue other leadership opportunities.
“On behalf of the Company and the Board of Directors, we want to
thank Stephen for his many contributions during a period of
significant transformation over the last two years,” said Mark S.
Ordan, Chief Executive Officer, and Guy Sansone, Chair of MEDNAX’s
Board of Directors. “We have both worked with Marc Richards over
many years, and we are excited that he brings a wealth of
experience that can ensure a seamless transition and help guide the
financial success of our organization.”
“I believe MEDNAX is well positioned for growth and success, and
that its financial strength is aligned to support that success,”
said Mr. Farber. “I’m most proud to have supported an organization
with a long established mission to take great care of the patient,
and to have played a role in fulfilling that commitment.”
Mr. Richards joins MEDNAX with an extensive background in
corporate finance and management, and more than 20 years in senior
level positions at public companies. Most recently, he served as
Chief Financial Officer of Quality Care Properties (QCP), one of
the nation’s largest actively managed real estate companies focused
on post-acute/skilled nursing and memory care/assisted living
properties. In this role he oversaw the spin-off of QCP from
Healthcare Property Investors and the eventual merger of QCP with
Welltower. Prior to QCP, Mr. Richards served first as Chief
Financial Officer and then as Executive Vice President and Chief
Administrative Officer at Washington Prime Group Inc., where he
held responsibility for all financial reporting and tax matters and
oversaw the integration of Washington Prime and Glimcher Realty
Trust. He also previously served in executive and finance roles at
Sunrise Senior Living, LLC, JE Robert Companies, JER Investors
Trust, Republic Property Trust, and The Mills Corporation.
“I am excited to join an organization with such an important
mission and place in the healthcare industry,” said Mr. Richards.
“I have worked with Mark extensively in the past, and I’m confident
in our ability to guide and support MEDNAX in its strategic plans.
I look forward to working with Mark and the management team to
support our clinicians and their care of patients, and in doing so
create value for all of our stakeholders.”
ABOUT MEDNAX
MEDNAX, Inc. is a national health solutions partner comprised of
the nation’s leading providers of physician services. Physicians
and advanced practitioners practicing as part of MEDNAX are
reshaping the delivery of care within their specialties and
subspecialties, using evidence-based tools, continuous quality
initiatives, consulting services, clinical research and
telemedicine to enhance patient outcomes and provide high-quality,
cost-effective care. The Company was founded in 1979, and today,
through its affiliated professional corporations, MEDNAX provides
services through a network of more than 3,000 physicians in all 50
states and Puerto Rico. Additional information is available at
www.mednax.com.
Certain statements and information in this press release may be
deemed to contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements may include, but are not limited to,
statements relating to the Company’s objectives, plans and
strategies, and all statements, other than statements of historical
facts, that address activities, events or developments that we
intend, expect, project, believe or anticipate will or may occur in
the future. These statements are often characterized by terminology
such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,”
“plan,” “will,” “expect,” “estimate,” “project,” “positioned,”
“strategy” and similar expressions, and are based on assumptions
and assessments made by the Company’s management in light of their
experience and their perception of historical trends, current
conditions, expected future developments and other factors they
believe to be appropriate. Any forward-looking statements in this
press release are made as of the date hereof, and the Company
undertakes no duty to update or revise any such statements, whether
as a result of new information, future events or otherwise.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties. Important factors that
could cause actual results, developments, and business decisions to
differ materially from forward-looking statements are described in
the Company’s most recent Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q, including the sections entitled
“Risk Factors”, as well the Company’s current reports on Form 8-K,
filed with the Securities and Exchange Commission, and include the
impact of the COVID-19 outbreak on the Company and its financial
condition and results of operations; the effects of economic
conditions on the Company’s business; the effects of the Affordable
Care Act and potential changes thereto or a repeal thereof; the
Company’s relationships with government-sponsored or funded
healthcare programs, including Medicare and Medicaid, and with
managed care organizations and commercial health insurance payors;
the Company’s ability to comply with the terms of its debt
financing arrangements; the impact of the divestiture of the
Company’s anesthesiology medical group; whether the Company will be
able to complete the divestiture of its radiology medical group and
the terms of any such divestiture; the impact of management
transitions; the timing and contribution of future acquisitions;
the effects of share repurchases; and the effects of the Company’s
transformation initiatives, including its reorientation on, and
growth strategy for, its pediatrics and obstetrics business.
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version on businesswire.com: https://www.businesswire.com/news/home/20200825005287/en/
Charles Lynch Senior Vice President, Finance and Strategy
954-384-0175 ext. 5692 charles_lynch@mednax.com
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