Catalyst Health Solutions, Inc. : Edward S. Civera to Retire as Chairman of Catalyst Health Solutions at End of 2011
11/14/2011| 01:05pm US/Eastern
Catalyst Health Solutions Appoints David T. Blair Chairman
Catalyst Health Solutions, Inc. (NASDAQ: CHSI) today announced that
Edward S. Civera is retiring as Chairman of the Board at the end of
2011. The Company's Board of Directors has appointed David T. Blair,
Catalyst's Chief Executive Officer, as Chairman, effective January 1,
2012. The Company also announced that the Board has appointed Dale B.
Wolf as Lead Independent Director, effective upon Mr. Civera's
Mr. Civera has been with Catalyst since the Company's inception in 1997
and has served as a Director since 2000 and as Chairman since 2005. "On
behalf of the Board of Directors, the Catalyst management team and all
employees, I want to thank Ed for his many years of service and
commitment to Catalyst," Mr. Blair said. "Ed's leadership and guidance
have been, without question, a driving force in establishing Catalyst as
one of the nation's leading pharmacy benefit management (PBM) companies."
"I am proud to have helped lead Catalyst over the past 15 years during a
period of enormous growth and success," Mr. Civera said. "Catalyst is a
much larger and stronger company today than when it was founded in 1997,
transforming itself from a provider of supplemental insurance benefits
into a leading national full service PBM. I remain committed to
Catalyst's success and will continue to make myself available to David
and the Board after my duties as Chairman conclude at year end."
Mr. Civera added, "David and I have worked hand-in-hand at Catalyst over
the last decade; I am confident in his leadership abilities and pleased
he has accepted the Chairmanship. I wish David and all of my other
colleagues at Catalyst continued success."
The Board also unanimously approved an extension to Mr. Blair's
employment agreement through February 2015.
About Catalyst Health Solutions, Inc. (www.chsi.com):
Catalyst Health Solutions, Inc., the fastest growing national PBM in the
U.S., is built on strong, innovative principles in the management of
prescription drug benefits and provides an unbiased, client-centered
philosophy resulting in industry-leading client retention rates. The
Company's subsidiaries include Catalyst Rx, a full-service pharmacy
benefit manager (PBM) serving more than 18 million lives in the United
States and Puerto Rico; HospiScript Services, LLC, one of the largest
providers of PBM services to the hospice industry; FutureScripts, LLC, a
full-service PBM serving approximately one million lives in the
mid-Atlantic region, and Immediate Pharmaceutical Services, Inc., a
fully integrated prescription mail service facility in Avon Lake, Ohio.
The Company's clients include self-insured employers, including state
and local governments, managed care organizations, unions, hospices,
third-party administrators and individuals.
This press release may contain "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties that might
materially affect our results, particularly those risks referred to in
our Annual Report on Form 10-K for the year ended December 31, 2010, and
in our Quarterly Report on Form 10-Q for the quarter ended September 30,
2011, under "Item 1A. Risk Factors." Readers are urged to carefully
review and consider the various disclosures made in our Annual Report on
Form 10-K, our Forms 10-Q, and our other filings with the Securities and
Exchange Commission that attempt to advise interested parties of the
risks and uncertainties that may affect our business. Catalyst Health
Solutions, Inc. does not undertake any obligation to update
forward-looking statements, whether as a result of new information,
future events, or other developments.
Catalyst Health Solutions, Inc.
Tim Pearson, Executive Vice
President and Chief Financial Officer
Frank, Wilkinson Brimmer Katcher
James Golden / Scott Bisang
© Business Wire 2011