QuadraMed Corporation Announces Change in Executive Leadership
March 24 2009 - 5:11PM
Business Wire
QuadraMed Corporation (NASDAQ:QDHC) announced today that its
Board of Directors has appointed Director James E. Peebles to the
role of interim President and Chief Executive Officer, effective
immediately. Mr. Peebles replaces Keith B. Hagen, who is stepping
down for personal reasons. Mr. Hagen will remain on the Board until
the Company�s 2009 Annual Stockholders Meeting, which is scheduled
to be held June 4, 2009.
The Board�s Nominating and Governance Committee has begun a
formal search for a permanent Chief Executive Officer.
Mr. Peebles is an industry veteran with 40 years of healthcare
information systems experience, including co-founding two highly
successful information technology companies in the healthcare
industry. In 1987, he co-founded MIDS, Inc., developer of the
MIDAS+� system supporting patient care and quality outcome
management primarily for acute care facilities.
Mr. Peebles also served as MIDS�s president and chief executive
officer and led it to be the premier vendor in that marketplace.
MIDS is now part of the Healthcare Solutions Division of Affiliated
Computer Services, Inc. (NYSE:ACS). In 1980, he co-founded Sunquest
Information Systems, Inc., which provides software tools to support
clinical laboratories as well as other ancillary healthcare
functions, and led it through its formative years as it established
itself as the premier laboratory information system vendor.
During his time at Sunquest, Mr. Peebles served as chief
executive officer and led the software design and development and
sales departments. He was the founding director of the information
systems department at the University of Arizona Health Sciences
Center. Mr. Peebles joined QuadraMed�s Board in October 2004.
�I am eager to focus on the ways in which the Company can
further unlock its potential and increase shareholder value,� Mr.
Peebles said upon his selection as interim CEO. �During this
transition period, my goal is to begin the next phase of
QuadraMed�s growth and success by increasing investments in product
development to enhance our market leading and KLAS-recognized
products and to expand their capabilities for existing and future
clients. These efforts will result in attaining certification of
our QCPR Electronic Health Record, which will facilitate our
clients� efforts to qualify for increased reimbursement made
available through the recently passed economic stimulus
legislation, and also in meeting future requirements including
ICD-10 coding.�
�I believe that my extensive healthcare and software background
will allow me to directly support the development and planning
staff as well as relate to customer needs,� he said. �Thanks to our
strong management staff, it will be business as usual during this
transition period. I look forward to the opportunity to help
QuadraMed with its continuing goal of delivering innovative
technological solutions to meet the needs of the healthcare
industry.�
Robert L. Pevenstein, the Company�s Chairman, recognized Mr.
Hagen�s numerous contributions to QuadraMed, including three years
of strong financial performance and the key role he played in the
QCPR acquisition. He said he foresees a smooth handoff of
responsibilities.
�Keith has been a valuable part of the executive team for the
past three years, and we all wish him the best in his future
endeavors,� Mr. Pevenstein said. �We are very fortunate to have
someone with Jim Peebles� credentials to step in and lead the
Company while we search for a permanent successor for Keith.�
QuadraMed also announced that David L. Piazza, Chief Financial
Officer and Executive Vice President, has been appointed to the
additional position of Chief Operating Officer.
�The Board recognizes the important role that Dave has played at
the Company and the value of the support and management that he
will provide during this transition period and into the future,�
Mr. Pevenstein said. �This appointment will allow Dave to have a
more active management role in the day-to-day operations of
QuadraMed.�
About QuadraMed Corporation
QuadraMed Corporation advances the success of healthcare
organizations through IT solutions that leverage quality care into
positive financial outcomes. QuadraMed provides real world
solutions that help healthcare professionals deliver outstanding
patient care efficiently and cost effectively. Behind the Company�s
products and services is a staff of 600 professionals whose
experience and dedication have earned QuadraMed the trust and
loyalty of clients at over 2,000 healthcare provider facilities.
For more information about QuadraMed, visit
http://www.quadramed.com.
Cautionary Statement on Risks Associated with QuadraMed
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
by QuadraMed that are subject to risks and uncertainties. The words
"believe," "expect," "anticipate," "intend," "plan," "estimate,"
"may," "should," "could," and similar expressions are intended to
identify such statements. Forward-looking statements are not
guarantees of future performance and are to be interpreted only as
of the date on which they are made. QuadraMed undertakes no
obligation to update or revise any forward-looking statement except
as required by law. QuadraMed advises investors that it discusses
risk factors and uncertainties that could cause QuadraMed�s actual
results to differ from forward-looking statements in its periodic
reports filed with the Securities and Exchange Commission ("SEC").
QuadraMed�s SEC filings can be accessed through the Investor
Relations section of our website, www.quadramed.com, or through the
SEC�s EDGAR Database at www.sec.gov (QuadraMed has EDGAR CIK No.
0001018833).
QuadraMed is a registered trademark of QuadraMed Corporation.
All other trademarks are the property of their respective
holders.
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