Edward S. Civera to Retire as Chairman of Catalyst Health Solutions at End of 2011
November 14 2011 - 1:00PM
Business Wire
Catalyst Health Solutions, Inc. (NASDAQ: CHSI) today announced
that Edward S. Civera is retiring as Chairman of the Board at the
end of 2011. The Company’s Board of Directors has appointed David
T. Blair, Catalyst’s Chief Executive Officer, as Chairman,
effective January 1, 2012. The Company also announced that the
Board has appointed Dale B. Wolf as Lead Independent Director,
effective upon Mr. Civera’s retirement.
Mr. Civera has been with Catalyst since the Company’s inception
in 1997 and has served as a Director since 2000 and as Chairman
since 2005. “On behalf of the Board of Directors, the Catalyst
management team and all employees, I want to thank Ed for his many
years of service and commitment to Catalyst,” Mr. Blair said. “Ed’s
leadership and guidance have been, without question, a driving
force in establishing Catalyst as one of the nation’s leading
pharmacy benefit management (PBM) companies.”
“I am proud to have helped lead Catalyst over the past 15 years
during a period of enormous growth and success,” Mr. Civera said.
“Catalyst is a much larger and stronger company today than when it
was founded in 1997, transforming itself from a provider of
supplemental insurance benefits into a leading national full
service PBM. I remain committed to Catalyst’s success and will
continue to make myself available to David and the Board after my
duties as Chairman conclude at year end.”
Mr. Civera added, “David and I have worked hand-in-hand at
Catalyst over the last decade; I am confident in his leadership
abilities and pleased he has accepted the Chairmanship. I wish
David and all of my other colleagues at Catalyst continued
success.”
The Board also unanimously approved an extension to Mr. Blair’s
employment agreement through February 2015.
About Catalyst Health Solutions, Inc.
(www.chsi.com):
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 18
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.
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 September 30, 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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