Accretive Health Names Stephen Schuckenbrock President and CEO; Mary Tolan Elected Chairman
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130402:nBw026864a CHICAGO--(Business Wire)-- The Board of Directors of Accretive Health, Inc. (NYSE: AH) announced today that Stephen Schuckenbrock, formerly president of Dell Services, has been named President and Chief Executive Officer and a member of the Accretive Board of Directors effective on April 3, 2013. Firm co-founder and current President and Chief Executive Officer Mary Tolan has been elected Chairman of the Board of Directors. Co-founder and current Chairman of the Board J. Michael Cline will continue to serve as a director of the company. "In nine years Accretive Health has grown from a startup to a $1 billion company in market capitalization. As we continue to serve a rapidly changing healthcare marketplace, the new, enhanced management team is a natural evolution as part of our growth. Steve`s strengths in technology, driving growth at Dell Services and operational execution will add to an already capable team," Cline said. As president of Dell Services, he oversaw a full range of business solutions from infrastructure and cloud to Business Process Outsourcing. He was responsible for developing and delivering end-to-end IT services and business solutions for global corporations, government, healthcare providers and educational institutions around the world. His work at Dell also included President of Dell's Large Enterprise business and Chief Information Officer. "I am excited and honored to be taking this leadership role in a company that I believe can make a real difference in healthcare. In a very short time, Mary and her team have created an innovative business model around the important core mission of improving healthcare for providers and patients alike. Mary's leadership and expertise will be key as we seek to meet and exceed customer needs in a complex and rapidly evolving industry. I look forward to partnering with Mary and the entire leadership team to take the company to the next level," Schuckenbrock said. Said Tolan: "For some time now, the Board and I have been looking to add to the intellectual and operational firepower of our senior leadership ranks. I am delighted to say we have found an extraordinary executive, Steve Schuckenbrock," adding, "We expect that his experience in scaling the $8.5 billion technology services business at Dell, which had significant healthcare focus and excelled in customer outcomes, will be an important catalyst for our company." Prior to Dell, Schuckenbrock was co-chief operating officer and executive vice president of global sales and services for EDS. Before joining EDS in 2003, he was chief operating officer of The Feld Group, an IT consulting firm. Earlier in his career, he served in senior roles at both PepsiCo and Frito-Lay. Tolan added that as Accretive Health enters an era of opportunity for healthcare delivery system improvement, "We are seeking to invest in the leadership and talent to accelerate the company's contribution to this transformation." Conference Call Accretive Health will host a conference call at 5:00 p.m. Eastern Daylight Time (EDT) to discuss Schuckenbrock`s appointment. To access the discussion, go to the Investors page at www.Accretivehealth.com or dial (866) 515-2910 or (617) 399-5124 passcode 45515822. An audio replay will also be available at the Investors page of http://www.accretivehealth.com. Safe Harbor This press release contains forward-looking statements, including the Company`s statements regarding expectations for future financial and operational performance, expected growth or business outlook. All forward-looking statements contained in this press release involve risks and uncertainties. Our actual results and outcomes could differ materially from those anticipated in these forward-looking statements as a result of various factors, including the ongoing review of the timing of revenue recognition for the Company`s revenue cycle management agreements, the possibility that the pending restatement of the Company`s financial statements could have unanticipated consequences and the factors set forth in our 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," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that the expectations underlying any of our 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. We wish to caution 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 we may consider immaterial or do not anticipate at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations may prove correct. Our expectations reflected in our forward-looking statements can be affected by inaccurate assumptions we 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 us and our business, including factors that potentially could materially affect our financial results or condition or relationships with customers and potential customers, may emerge from time to time. We assume no, and we specifically disclaim 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. We advise you, however, to consult any further disclosures we make on related subjects in our periodic reports that we file with or furnish to the U.S. Securities and Exchange Commission. About Accretive Health At Accretive Health, our mission is to help our healthcare clients strengthen their financial stability and deliver better care at a more affordable cost to the communities they serve (increasing healthcare access to all). For more information, visit www.accretivehealth.com. Accretive Health, Inc. Investor Relations: Atif Rahim Telephone: 312.324.5476 email: firstname.lastname@example.org or Media: Puneet Singh Telephone: 330.565.6802 email: email@example.com Copyright Business Wire 2013