LONG BEACH, Calif.--(BUSINESS WIRE)--Molina Healthcare, Inc. (NYSE: MOH) today announced that it expanded its Board of Directors from 10 to 11 and, effective July 29, 2015, elected Richard M. Schapiro as a new independent non-executive director. Mr. Schapiro fills the vacancy resulting from John P. Szabo not seeking reelection at the Company’s annual meeting of stockholders in May.
“We are pleased to welcome Dick to Molina’s Board of Directors,” said J. Mario Molina, M.D., president and chief executive officer of Molina Healthcare, Inc. “His experience and knowledge will be a welcome addition to our board and will benefit our management team.”
Schapiro is a retired corporate and investment banker with over 35 years of experience covering financial institutions and healthcare companies. Schapiro joined Salomon Brothers in 1979 and over his 18 years at the firm covered thrifts, government agencies, and insurance companies. Schapiro co-headed Salomon Brothers’ healthcare group from 1994 to 1997. From 1997 to 1999, he ran the healthcare group at ING Baring Furman Selz and joined the fledging healthcare group at Bank of America Merrill Lynch in 1999 to cover managed care companies and expand the firm’s investment banking business. After 15 years at Bank of America Merrill Lynch, he retired in 2014. Since April 2015, Schapiro has served as the Chief Executive Officer of SchapiroCo LLC, acting as a consultant to public managed care companies and helping design and implement their long-term capital plans. Schapiro also serves as an independent member of the Board of Directors of Transamerica Financial Life Insurance Company. He graduated from Case Western Reserve University in 1977 with a Bachelor of Science Degree in Accounting, received his Juris Doctor Degree from New York Law School in 1980 and his Master’s in Business Administration Degree from Bernard M. Baruch College (now the Zicklin School of Business) in 1980.
About Molina Healthcare, Inc.
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 11 states across the nation and in the Commonwealth of Puerto Rico, Molina serves approximately 3.4 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most. For more information about Molina Healthcare, please visit our website at molinahealthcare.com.