Catalyst Health Solutions Appoints Deirdre Kramer as Interim Chief Financial Officer
June 03 2011 - 4:30PM
Business Wire
Catalyst Health Solutions, Inc. (NASDAQ: CHSI) today announced
that Hai Tran will step down as Chief Financial Officer effective
July 15, 2011 to pursue other business opportunities. Deirdre
Kramer, Corporate Controller and Senior Vice President, Finance,
will serve as interim CFO following Mr. Tran’s departure until a
permanent successor is selected. The Company has initiated a
search.
“At Catalyst, we have built an experienced, first-rate
management team and are fortunate to have a highly qualified leader
in Deirdre who is ready to step into this role,” said David T.
Blair, Chief Executive Officer of Catalyst. “The Board is confident
that Deirdre’s financial expertise, industry experience and Company
knowledge will be invaluable in ensuring a seamless
transition.”
“On behalf of Catalyst’s Board of Directors and management team,
I would like to thank Hai for his many contributions and service to
our Company. All of us at Catalyst wish Hai success in his future
endeavors,” Mr. Blair added.
“I am proud of the many accomplishments we have achieved during
my tenure here,” said Hai Tran. “Catalyst has a solid business
model and proven approach to delivering innovative solutions to
clients. The Company has never been better positioned for future
growth.”
The acquisition of Walgreens Health Initiatives, Inc. (WHI) is
expected to close in June 2011 and the Company is on track to
achieve its previously stated 2011 financial guidance, excluding
the financial impact from the acquisition of WHI and subsequent
equity offering. After the WHI transaction closes, the Company will
update its 2011 financial guidance which will include estimated
revenue and earnings contributions from WHI as well as the expected
timing and scope of upfront integration and transactional
expenses.
Ms. Kramer, who joined Catalyst in 2005, has more than 15 years
of experience in the health care and pharmacy benefit management
industries. In her current role at Catalyst, she is responsible for
the overall management of corporate accounting as well as financial
planning and analysis. Prior to joining Catalyst, Ms. Kramer served
as the Director of Finance and Accounting for Eckerd Health
Services, the former pharmacy benefit management subsidiary of
Eckerd Corp.
Results of 2011 Annual Meeting of Shareholders
Catalyst also announced the results of its 2011 Annual Meeting
of Shareholders, held June 1, 2011 in McLean, VA. Over 85 percent
of all outstanding shares as of the record date were voted.
Shareholders voted in favor of the re-election of David T. Blair,
Daniel J. Houston and Kenneth A. Samet as directors for terms
expiring in 2014.
Catalyst shareholders also approved the selection of
PricewaterhouseCoopers LLP as auditors for 2011, as well as a
non-binding advisory vote on the Company’s 2011 executive
compensation policies (“Say On Pay”) and the Board of Directors’
recommendation to hold an advisory vote on executive compensation
on an annual basis.
About Catalyst Health Solutions, Inc.
Catalyst Health Solutions, Inc., the fastest growing national
PBM in the U.S., is built on strong, innovative principles in the
management of prescription drug benefits and provides an unbiased,
client-centered philosophy resulting in industry-leading client
retention rates. The Company's subsidiaries include Catalyst Rx, a
full-service pharmacy benefit manager (PBM) serving more than 7
million lives in the United States and Puerto Rico; HospiScript
Services, LLC, one of the largest providers of PBM services to the
hospice industry; FutureScripts, LLC, a full-service PBM serving
approximately one million lives in the mid-Atlantic region, and
Immediate Pharmaceutical Services, Inc., a fully integrated
prescription mail service facility in Avon Lake, Ohio. The
Company's clients include self-insured employers, including state
and local governments, managed care organizations, unions,
hospices, third-party administrators and individuals.
Forward-Looking Statements
This press release may contain “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks and uncertainties that
might materially affect our results, particularly those risks
referred to in our Annual Report on Form 10-K for the year ended
December 31, 2010, and in our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2011, under “Item 1A. Risk Factors.”
Readers are urged to carefully review and consider the various
disclosures made in our Annual Report on Form 10-K, our Forms 10-Q,
and our other filings with the Securities and Exchange Commission
that attempt to advise interested parties of the risks and
uncertainties that may affect our business. Catalyst Health
Solutions, Inc. does not undertake any obligation to update
forward-looking statements, whether as a result of new information,
future events, or other developments.
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