Accretive Health Names Emad Rizk, M.D. as President and CEO
Steve Schuckenbrock to resign as President and CEO effective July 21, 2014
CHICAGO--(BUSINESS WIRE)--Accretive Health, Inc. (OTC Pink: ACHI) today announced that its Board of Directors has appointed Emad Rizk, M.D., president of McKesson Health Solutions, as Chief Executive Officer, President, and a member of the Board of Directors, effective July 21, 2014.
“The Board was very strategic about finding the right person to become our new CEO – Emad is that person”
In its search for a new CEO, the Board sought a candidate with leadership experience, a passion for operational excellence, a proven track record for growth and deep healthcare domain expertise to lead the company through its next phase of operational enhancement, and to reignite the company’s growth and strategic innovation.
“The Board was very strategic about finding the right person to become our new CEO – Emad is that person,” said Steve Shulman, chairman of Accretive Health’s Board of Directors. “He is a renowned healthcare industry expert who brings with him more than 25 years of experience, and at the same time has demonstrated a profound ability to drive growth and innovation.”
Since 2003, Dr. Rizk has served as president of McKesson Health Solutions, a division of McKesson Corporation. As president of this division, he built a world-class team and oversaw significant growth, with a focus on helping providers and payers implement new delivery and financial payment processes as the healthcare industry transitions from volume- to value-based care. During his tenure, he built an organization that became a leader in the healthcare industry.
Prior to joining McKesson, Dr. Rizk served as senior partner and global director of Deloitte Consulting, prior to which he was worldwide medical director for Monsanto Corporation. He also currently serves on the board of Accuray Incorporated. In 2013, Dr. Rizk was named one of the 50 Most Influential Physician Executives in the United States by Modern Physician, the fifth time he has been recognized by this publication. He has also been counted among the Top 100 Most Powerful People in Healthcare by Modern Healthcare; and named one of the nation’s Top 25 Leaders in Disease Management by Managed Healthcare Executive.
“I am very honored by the trust the Accretive Health Board of Directors has placed in me, and excited about the opportunities and potential of Accretive Health,” said Dr. Rizk. “I have spent the better part of my career identifying, assessing, developing and achieving significant strategic potential in the healthcare ecosystem. Accretive Health represents that kind of potential to me.”
“Accretive Health has the right fundamentals, the right vision, the right talent and the right positioning to grow, prosper, lead and make a real difference in people’s lives,” added Steve Schuckenbrock, current CEO of Accretive Health, who accelerated his resignation from the position of CEO to be effective July 21, 2014 but will continue to assist with the transition through October 2, 2014, as well as continue to serve on the Company’s Board of Directors. “We have strengthened our operational execution over the last 15 months with a dedicated focus on our clients, invested more in technology than ever before, improved how we develop employees, and strengthened the company overall.”
“I want to thank Steve for the many contributions he has made to this Company. Since joining Accretive Health, he developed a strategy and set the Company on a course that will serve us well in the future. We sit on a stronger foundation because of Steve’s leadership, and I’m personally very happy that he will remain on the Board and be involved in this transition,” said Shulman. “Accretive Health will continue to pursue its vision to build a world-class revenue cycle management company that enhances our value proposition to our client partners through continuous innovation and a unique population health management strategy.”
Accretive Health will host a conference call at 5:00 p.m. Eastern Daylight Time (EDT) on July 21, 2014 to discuss Dr. Rizk’s appointment. To access the call, go to the Investors page at www.accretivehealth.com or dial (877) 280-4955 or (857) 244-7312, passcode 74068028. An audio replay will also be available at the Investors page of http://www.accretivehealth.com.
This press release contains forward-looking statements, including statements regarding the success of Accretive Health under its new CEO, the success of Accretive Health’s turnaround and operational plan, and statements regarding Accretive Health’s strategic initiatives. All forward-looking statements contained in this press release involve risks and uncertainties. The Company’s actual results and outcomes could differ materially from those anticipated in these forward-looking statements as a result of various factors, including the possibility that the ongoing restatement could have unanticipated consequences and the factors set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the SEC on November 8, 2012, under the heading “Risk Factors”. The words “strive,” “objective,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “vision,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections, or expectations prove incorrect, actual results, performance, financial condition, or events may vary materially and adversely from those anticipated, estimated, or expected.
All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The Company cautions readers not to place undue reliance on any forward-looking statement that speaks only as of the date made and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the uncertainties and factors described above, as well as others that the Company may consider immaterial or does not anticipate at this time. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, the Company does not know whether its expectations may prove correct. The Company’s expectations reflected in its forward-looking statements can be affected by inaccurate assumptions it might make or by known or unknown uncertainties and factors, including those described above. The risks and uncertainties described above are not exclusive, and further information concerning the Company and its business, including factors that potentially could materially affect its financial results or condition or relationships with customers and potential customers, may emerge from time to time. The Company assumes no, and it specifically disclaims any, obligation to update, amend, or clarify forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. The Company advises investors, however, to consult any further disclosures it makes on related subjects in our periodic reports that it files with or furnishes to the SEC.
About Accretive Health
At Accretive Health, our mission is to partner with healthcare communities to serve as a catalyst for a healthier future for all. For more information, visit www.accretivehealth.com.