TORONTO, April 17,
2023 /CNW/ - CareRx Corporation ("CareRx" or the
"Company") (TSX: CRRX), Canada's
leading provider of pharmacy services to seniors living and other
congregate care communities, today announced that David Murphy will step down as President and
Chief Executive Officer and as a member of the Board of Directors
of CareRx effective May 31, 2023 to
pursue another employment opportunity. Puneet Khanna, the current Chief Operating
Officer of CareRx, will assume the role of President and Chief
Executive Officer on the same date and will be nominated as part of
the slate of directors to be elected at the upcoming annual general
meeting of shareholders to be held on June
6, 2023.
"On behalf of the Board, we want to express our gratitude to
David for his leadership of CareRx over the past five years", said
Kevin Dalton, Chairman of the Board.
"During his tenure, David and the strong CareRx leadership team
successfully executed on the Company's strategy to establish itself
as the leading provider of pharmacy services to Canadian seniors.
As a result, CareRx tripled the size of its business, made a number
of transformational and accretive acquisitions, and significantly
strengthened its service offering, leadership team, and financial
position. We wish David all the best in the next stage of his
career."
"It has been a privilege to have led CareRx over the past 5
years", said David Murphy, President
and Chief Executive Officer of CareRx. "I am proud to have worked
with so many dedicated colleagues, and to have been part of a
leadership team that I regard as the very best in the industry. I
want to congratulate Puneet for his well-deserved appointment, and
I am confident that under Puneet's leadership, CareRx will continue
to deliver on its strategic priorities."
Kevin Dalton added, "The Board
has the utmost confidence in Puneet to lead CareRx in the next
chapter of its growth story. Puneet has extensive executive
leadership experience, including as a CEO, and is widely respected
across the long-term care and pharmacy sectors. Under his
leadership, and with the support and strength of the CareRx
management team, I have no doubt that the transition will be
seamless."
Puneet Khanna added, "I would
like to thank the Board for their vote of confidence and providing
me with the privilege of leading this exceptional healthcare
organization. I look forward to continuing to work with the CareRx
leadership team to maximize value creation for our shareholders and
other stakeholders and further enhance our leading service offering
for our customers."
With over 20 years' experience in the pharmacy and senior care
sectors, Puneet Khanna is the
current Chief Operating Officer at CareRx. Previously, he served as
the Company's Chief Commercial Officer. Mr. Khanna joined CareRx in
November 2020 after serving as the
Chief Executive Officer of MED e-care Healthcare Solutions Inc., a
global software-solution provider within the long-term and chronic
care sectors. His prior experience includes more than ten years in
executive leadership roles at Medical Pharmacies (part of which was
acquired by CareRx in 2021) and MediSystem Pharmacy. Mr. Khanna is
a registered pharmacist and holds a Bachelor of Science in Pharmacy
degree from the University of
Toronto.
About CareRx Corporation
CareRx is Canada's leading
provider of pharmacy services to seniors living communities. We
serve over 94,000 residents in over 1,600 seniors and other
congregate care communities (long-term care homes, retirement
homes, assisted living facilities, and group homes). We are a
national organization with a large network of pharmacy fulfillment
centres strategically located across the country. This allows us to
deliver medications in a timely and cost-effective manner and
quickly respond to routine changes in medication management. We use
best-in-class technology that automates the preparation and
verification of multi-dose compliance packaging of medication,
providing the highest levels of safety and adherence for
individuals with complex medication regimes. We take an active role
in working with our home operator partners to promote resident
health, staff education, and medication system quality and
efficiency.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities legislation. These forward-looking statements
include, among others, statements regarding the Company's business
strategy, plans and other expectations, beliefs, goals, objectives,
information and statements about possible future events.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate" or similar expressions
suggesting future outcomes or events. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include the Company's general business risks, exposure
to and reliance on government regulation and funding, the Company's
liquidity and capital requirements, exposure to epidemic or
pandemic outbreak, reliance on contracts with key customers and
other risk factors described from time to time in the reports and
disclosure documents filed by the Company with Canadian securities
regulatory agencies and commissions. These and other factors should
be considered carefully and readers should not place undue reliance
on the Company's forward-looking statements. As a result of the
foregoing and other factors, no assurance can be given as to any
such future results, levels of activity or achievements and neither
the Company nor any other person assumes responsibility for the
accuracy and completeness of these forward-looking statements. The
factors underlying current expectations are dynamic and subject to
change.
SOURCE CareRX Corporation