Health Net Names James Woys EVP, Chief Financial and Operating Officer, and Interim Treasurer
August 19 2014 - 8:30AM
Business Wire
Effective September 2, 2014
Joseph C. Capezza Will Retire as CFO
Health Net, Inc. (NYSE:HNT) today announced that James Woys, 56,
has been named executive vice president, chief financial and
operating officer, and interim treasurer, effective September 2,
2014. This is a new position.
Woys has been executive vice president and chief operating
officer since November 2007. Previously Woys served as acting chief
financial officer from November 2006 through October 2007.
The company announced that Joseph C. Capezza, 59, currently
executive vice president, chief financial officer and treasurer,
will retire as CFO. He will have a consulting contract with the
company through year end to assist with transition issues. Capezza
has been Health Net’s CFO since November 2007.
“As we embark on a comprehensive effort to streamline the
operations of the company, Jim Woys’ breadth of experience makes
him the right person to lead the combined finance and operating
teams as we continue to pursue our growth strategies,” said Jay
Gellert, president and chief executive officer of Health Net.
“I want to thank Joe Capezza for his six years of service to
Health Net. We appreciate his efforts over these years. We wish him
the very best in the future,” Gellert noted.
About Health Net
Health Net, Inc. is a publicly traded managed care organization
that delivers managed health care services through health plans and
government-sponsored managed care plans. Its mission is to help
people be healthy, secure and comfortable. Health Net provides and
administers health benefits to approximately 5.8 million
individuals across the country through group, individual, Medicare
(including the Medicare prescription drug benefit commonly referred
to as “Part D”), Medicaid, U.S. Department of Defense, including
TRICARE, and Veterans Affairs programs. Health Net also offers
behavioral health, substance abuse and employee assistance
programs, managed health care products related to prescription
drugs, managed health care product coordination for multi-region
employers, and administrative services for medical groups and
self-funded benefits programs.
For more information on Health Net, Inc., please visit Health
Net’s website at www.healthnet.com.
Cautionary Statements
The company and its representatives may from time to time make
written and oral forward-looking statements within the meaning of
the Private Securities Litigation Reform Act (“PSLRA”) of 1995,
including statements in this and other press releases, in
presentations, filings with the Securities and Exchange Commission
(“SEC”), reports to stockholders and in meetings with investors and
analysts. All statements in this press release, other than
statements of historical information provided herein, may be deemed
to be forward-looking statements and as such are intended to be
covered by the safe harbor for “forward-looking statements”
provided by PSLRA. These statements are based on management’s
analysis, judgment, belief and expectation only as of the date
hereof, and are subject to changes in circumstances and a number of
risks and uncertainties. Without limiting the foregoing, statements
including the words “believes,” “anticipates,” “plans,” “expects,”
“may,” “should,” “could,” “estimate,” “intend,” “feels,” “will,”
“projects” and other similar expressions are intended to identify
forward-looking statements. Actual results could differ materially
from those expressed in, or implied or projected by the
forward-looking information and statements due to, among other
things, health care reform and other increased government
participation in and taxation or regulation of health benefits and
managed care operations, including but not limited to the
implementation of the Patient Protection and Affordable Care Act
and the Health Care and Education Reconciliation Act of 2010
(collectively, the "ACA") and related fees, assessments and taxes;
the company’s ability to successfully participate in California’s
Coordinated Care Initiative, which is subject to a number of risks
inherent in untested health care initiatives and requires the
company to adequately predict the costs of providing benefits to
individuals that are generally among the most chronically ill
within each of Medicare and Medi-Cal and implement delivery systems
for benefits with which the company has limited operating
experience; the company’s ability to successfully participate in
the federal and state health insurance exchanges under the ACA,
which have experienced technical challenges in implementation and
which involve uncertainties related to the mix and volume of
business that could negatively impact the adequacy of our premium
rates and may not be sufficiently offset by the risk apportionment
provisions of the ACA; increasing health care costs, including but
not limited to costs associated with the introduction of new
treatments or therapies; our ability to reduce administrative
expenses while maintaining targeted levels of service and operating
performance which could be significantly impacted if we are unable
to reach a final agreement with Cognizant or do not receive
applicable regulatory approval of any final services agreement;
negative prior period claims reserve developments; rate cuts and
other risks and uncertainties affecting the company’s Medicare or
Medicaid businesses; the company’s ability to successfully
participate in Arizona’s Medicaid program; trends in medical care
ratios; membership declines or negative changes in our health care
product mix; unexpected utilization patterns or unexpectedly severe
or widespread illnesses; the timing of collections on amounts
receivable from state and federal governments and agencies,
including collections of amounts owed under the T-3 contract;
litigation costs; regulatory issues with federal and state agencies
including, but not limited to, the California Department of Managed
Health Care, the Centers for Medicare & Medicaid Services, the
Office of Civil Rights of the U.S. Department of Health and Human
Services and state departments of insurance; operational issues;
changes in economic or market conditions; failure to effectively
oversee our third-party vendors; noncompliance by the company or
the company’s business associates with any privacy laws or any
security breach involving the misappropriation, loss or other
unauthorized use or disclosure of confidential information;
impairment of the company’s goodwill or other intangible assets;
investment portfolio impairment charges; volatility in the
financial markets; and general business and market 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 most recent Annual
Report on Form 10-K and subsequent Quarterly Report on Form 10-Q
filed with the SEC and the other risks discussed in the company’s
filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements. Except as may be
required by law, the company undertakes no obligation to address or
publicly update any forward-looking statements to reflect events or
circumstances that arise after the date of this release.
The Abernathy MacGregor GroupInvestor Contact:David
Olson, 818-917-1469dwo@abmac.comorMedia Contact:Brad
Kieffer, 818-676-6833brad.kieffer@healthnet.com
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