Magellan Health Board of Directors Appoints Kenneth J. Fasola as Chief Executive Officer
October 31 2019 - 4:30PM
Business Wire
Magellan Health, Inc. (NASDAQ: MGLN) today announced that the
Company’s Board of Directors has appointed Kenneth J. Fasola as
Chief Executive Officer, effective November 14, 2019. Fasola will
succeed the current CEO Barry M. Smith, who will remain to assist
with the transition as needed.
“I am pleased that we have been able to attract someone with
Ken’s breadth of healthcare experience in commercial and
government-sponsored health plans and proven leadership track
record,” said Steven J. Shulman, chairman of the board, Magellan
Health. “I look forward to working closely with him and Magellan’s
executive leadership team to continue the growth of our portfolio
of businesses, Magellan Complete Care, Magellan Behavioral and
Specialty Health, and Magellan Rx Management.”
“I am deeply honored to be named CEO and join the tremendous
team at Magellan Health during such a dynamic time in the
healthcare industry,” said Fasola. “Over the coming months, I plan
to dedicate time with key stakeholders, the Board of Directors and
Magellan’s executive leadership team to refine our strategy and
lead this company into the next phase of growth.”
Fasola will join Magellan Health after a successful leadership
career spanning three decades in the healthcare industry. Most
recently, he served as president and chief executive officer of
HealthMarkets, Inc., one of the largest health insurance agencies
in the U.S., which was acquired earlier this year by UnitedHealth
Group. Prior to joining HealthMarkets, Fasola was responsible for
Humana’s individual major medical, specialty and supplemental
insurance operations. Prior to that, he was chief executive officer
for Secure Horizons, a division of UnitedHealth Group and one of
the nation’s largest Medicare Advantage insurer. Additionally, he
served as chief executive officer of UnitedHealth Care’s Central
region and as National Sales Officer and president of UnitedHeath
Care lines of business.
Fasola holds a Bachelor of Science in Health Planning and
Administration from Pennsylvania State University.
“It has been a privilege and honor to serve as CEO of Magellan
Health for the past six years,” said Barry M. Smith. “I wish Ken
and the Magellan team well as they continue to address the most
complex areas of health on behalf of customers and members.”
About Magellan Health: Magellan Health, Inc., a Fortune
500 company, is a leader in managing the fastest growing, most
complex areas of health, including special populations, complete
pharmacy benefits and other specialty areas of healthcare. Magellan
supports innovative ways of accessing better health through
technology, while remaining focused on the critical personal
relationships that are necessary to achieve a healthy, vibrant
life. Magellan's customers include health plans and other managed
care organizations, employers, labor unions, various military and
governmental agencies and third-party administrators. For more
information, visit MagellanHealth.com.
Forward-Looking Statements
This release is intended to be disclosure through methods
reasonably designed to provide broad, non-exclusionary distribution
to the public in compliance with the Securities and Exchange
Commission’s Fair Disclosure Regulation. This release contains
forward-looking statements within the meaning of the Securities
Exchange Act of 1934 and the Securities Act of 1933, as amended,
which involve a number of risks and uncertainties, many of which
are out of our control. All statements, other than statements of
historical information provided herein, may be deemed to be
forward-looking statements including, without limitation,
statements regarding growth and strategy. These statements are
based on management’s analysis, judgment, belief and expectation
only as of the date hereof, and are subject to uncertainty and
changes in circumstances. Without limiting the foregoing, the words
“believes,” “anticipates,” “plans,” “expects,” “may,” “should,”
“could,” “estimate,” “intend” and other similar expressions are
intended to identify forward-looking statements. Actual results
could differ materially due to, among other things, the possible
election of certain of the Company’s customers to manage the
healthcare services of their members directly; changes in rates
paid to and/or by the Company by customers and/or providers; higher
utilization of healthcare services by the Company’s risk members;
delays, higher costs or inability to implement new business or
other Company initiatives; the impact of changes in the contracting
model for Medicaid contracts; termination or non-renewal of
customer contracts; the impact of new or amended laws or
regulations; governmental inquiries; litigation; competition;
operational issues; healthcare reform; and general business
conditions. Additional factors that could cause actual results to
differ materially from those reflected in the forward-looking
statements include, but are not limited to, the risks discussed in
the “Risk Factors” section included within the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018, filed
with the Securities and Exchange Commission on February 28, 2019,
and the Company’s subsequent Quarterly Reports on Form 10-Q filed
during 2019. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date of this
release. Segment profit, adjusted net income, and adjusted EPS
information referred to herein may be considered a non-GAAP
financial measure. Further information regarding these measures,
including the reasons management considers this information useful
to investors, are included in the Company’s most recent Annual
Report on Form 10-K and on subsequent Form 10-Qs.
(MGLN-GEN)
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version on businesswire.com: https://www.businesswire.com/news/home/20191031005906/en/
Media Contact: Lilly Ackley, ackleyl@magellanhealth.com,
(860) 507-1923 Investor Contact: Joe Bogdan,
jbogdan@magellanhealth.com, (860) 507-1910
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