ATLANTA, Sept. 3 /PRNewswire-FirstCall/ -- Gentiva Health Services, Inc. (Nasdaq: GTIV), a leading provider of comprehensive home health services, today announced the appointment of three independent directors to the Company's Board of Directors: Philip R. Lochner, Jr., Sheldon M. Retchin, M.D., and Robert S. Forman, Jr. With these appointments, Gentiva has re-established an independent majority on its Board and has regained compliance with Nasdaq's independent director requirements as set forth in Listing Rule 5605(b)(1).
Coincident with the director appointments, Gentiva appointed Mr. Lochner to the Board's Compensation, Corporate Governance and Nominating Committee, Dr. Retchin to the Board's Clinical Quality Committee, and Mr. Forman to the Board's Audit Committee. Gentiva's Board also approved a one-year extension of Chairman Ron Malone's employment agreements through December 31, 2010.
Tony Strange, CEO and President, commented, "All of us on the Board are pleased to welcome, Phil, Sheldon and Bob. We have accomplished our previously stated goal to strengthen our Board with candidates that have exceptional expertise in the areas of corporate governance, clinical and healthcare policy, information technology and finance. Beyond their targeted areas of expertise, each of these distinguished individuals also brings strong operational experience that will benefit Gentiva moving forward. Additionally, we are delighted to have extended Ron's leadership of our Board given the critical role he continues to play both for Gentiva and for the industry as we address proposed healthcare industry reforms."
Biographical information on Gentiva's newly appointed independent directors is presented below.
Philip R. Lochner, Jr. currently serves on the Board of Directors of CLARCOR Inc., a filtration and packaging business, CMS Energy Corporation, an electric and gas utility company, and Crane Co., a diversified manufacturer. From 1991 until 1998, Mr. Lochner was Senior Vice President and Chief Administrative Officer of Time Warner Inc. Prior to that, in 1990 to 1991, he served as a Commissioner of the U.S. Securities and Exchange Commission. From 1978 to 1990, he was employed by Time Inc., where he became Vice President, General Counsel and Secretary. Previously, Mr. Lochner was an associate at the law firm of Cravath, Swaine & Moore and served as Associate Dean and Assistant Professor of Law at the State University of New York Law School. He has previously served as a member of the Board of Governors of the National Association of Securities Dealers and of the American Stock Exchange. Mr. Lochner also previously served as a member of the Board of Directors of the Investor Responsibility Research Center and the National Association of Corporate Directors. Mr. Lochner graduated Phi Beta Kappa with a B.A. from Yale College, with a LL.B from Yale Law School and with a Ph.D. from Stanford University, and was a Fulbright Fellow at the University of London.
Sheldon M. Retchin, M.D., M.S.P.H. currently serves as the Chief Executive Officer of Virginia Commonwealth University Health System that includes the Medical College of Virginia Hospitals, MCV Physicians and Virginia Premier Health Plan, a Medicaid HMO with approximately 140,000 enrollees. He also is Vice President for Health Sciences at VCU, where he has academic responsibility for the schools of Medicine, Dentistry, Pharmacy, Nursing and Allied Health. Dr. Retchin is a professor in the departments of Internal Medicine, Gerontology and Health Administration, and he is considered a national expert in health policy and health care delivery, with special expertise regarding the Medicare program. He has had appointments on numerous national panels related to managed care, the costs of care and consumer surveys regarding health care for Medicare beneficiaries. Among others, he was one of the original technical advisors for Medicare's Consumer Assessment of Health Plans' study. Dr. Retchin has also been regarded as a national expert on the role of the safety net in health services delivery and has testified before Congress on the matter. Among his public service appointments, Dr. Retchin is currently Chairman of the Advisory Panel on Health Care of the Association of American Medical Colleges. He was also appointed by U.S. Secretary Mike Leavitt, of Health and Human Services, to serve as one of 17 members of the Council on Graduate Medical Education, the body that advises the Secretary and Congress on issues related to graduate medical education. He has also served on the Board of Directors for the Association of Academic Health Centers. In 2007, Dr. Retchin served, by gubernatorial appointment, on Virginia's Health Reform Commission, where he chaired the Access to Care Work Group, one of five Work Groups for the Commission. Dr. Retchin has published more than 80 articles, monographs, books and book chapters on the costs, quality, and outcomes of care. Most of his research has been focused on the Medicare program and care of the frail elderly. His research on alternative financing methodologies of the Medicare program was well cited by the 1996 Institute of Medicine's Committee on Choice and Managed Care.
Robert S. Forman, Jr. was the founder, President and CEO of IMI Systems Inc., an international computer consulting firm specializing in the design and implementation of service order and billing systems in the telecommunications industry. In 1995, the Olsten Corporation acquired IMI Systems and Mr. Forman was an Executive Vice President of Olsten until 1997. After leaving Olsten, he served as a board member and non-executive Chairman of Itech and was on the boards of several other private IT consulting companies. Mr. Forman was also the President of the Professional Services division of the Information Technology Association of America (ITAA) and President of the Rensselaer Alumni Association. During this same period, he worked with a number of start-up companies, advising them on their business plans and helping them raise capital. Prior to IMI Systems, Mr. Forman was a founder and Vice President of Delta Resources, a computer consulting, leasing and computer hardware maintenance company that was sold to Itel. Mr. Forman currently serves on the Advisory Board of Rensselaer Polytechnic Institute's IT School. He has a Bachelor of Science degree in Mechanical Engineering and Masters degree in Management from Rensselaer Polytechnic Institute.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is a leading provider of comprehensive home health services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; respiratory therapy and home medical equipment; infusion therapy services; and other therapies and services. For more information, visit Gentiva's web site, http://www.gentiva.com, and its investor relations section at http://investors.gentiva.com. GTIV-G
Certain statements contained in this news release, including, without limitation, statements containing the words "believes," "anticipates," "intends," "expects," "assumes," "trends" and similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the Company's current plans, expectations and projections about future events. However, such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: economic and business conditions, including the ability to access capital markets; demographic changes; changes in, or failure to comply with, existing governmental regulations; legislative proposals for healthcare reform; changes in Medicare and Medicaid reimbursement levels; effects of competition in the markets in which the Company operates; liability and other claims asserted against the Company; ability to attract and retain qualified personnel; availability and terms of capital; loss of significant contracts or reduction in revenues associated with major payer sources; ability of customers to pay for services; business disruption due to natural disasters or terrorist acts; ability to successfully integrate the operations of acquisitions the Company may make and achieve expected synergies and operational efficiencies within expected time-frames; effect on liquidity of the Company's debt service requirements; and changes in estimates and judgments associated with critical accounting policies and estimates. For a detailed discussion of certain of these and other factors that could cause actual results to differ from those contained in this news release, please refer to the Company's various filings with the Securities and Exchange Commission (SEC), including the "Risk Factors" section contained in the Company's annual report on Form 10-K for the year ended December 28, 2008.
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|SOURCE Gentiva Health Services, Inc.|
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