Centric Health Announces CEO Retirement

TORONTO, Dec. 4, 2017 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) today announced that David Cutler, the President and Chief Executive Officer of the Company, will be retiring as an officer and director of the Company effective January 31, 2018.  

"It has been a pleasure leading Centric for the last five years, and I wanted to thank the Board of Directors for this opportunity", said Mr. Cutler. "Centric has truly undergone transformational change and is primed for the significant growth opportunities that await. There are a number of very talented individuals at the Company, and I have no doubt that they will continue the work that we have started together to deliver on a "Patient First" approach while continuing to drive stakeholder value."

The Company will immediately begin an executive search for a new Chief Executive Officer. Dr. Jack Shevel, the Chairman of the Board, will serve as interim Chief Executive Officer following Mr. Cutler's retirement if a new Chief Executive Officer is not found by that time. Dr. Shevel, assisted by a management committee comprised of certain members of senior management of the Company, will work closely with Mr. Cutler in the transition of his duties over the coming weeks. The Company is also in discussions with Mr. Cutler regarding a possible consulting arrangement following Mr. Cutler's retirement for specific projects relating to key customer accounts, government relations and the Company's implementation of the AceAge Karie device. The Company will continue to execute on its previously announced strategic initiatives.

Dr. Jack Shevel, Chairman of the Board, said "The Board is grateful for the valuable contribution that David has made during his time with us, including significantly restructuring the Company's balance sheet by executing on our debt repayment strategy and completing the transition of a key customer account. He is leaving the Company in a much stronger position for growth. We wish him the best in his retirement and know that he is looking forward to spending more time with his grandchildren. David is highly regarded and has had a tremendous career in the long-term care and seniors housing industry."

About Centric Health

Centric Health's vision is to be Canada's most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:

• The Specialty Pharmacy division is a "Patient First" model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 29,000 residents in over 425 seniors communities (long-term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.
   
  
• The Surgical & Medical Centres division is Canada's largest independent surgical provider operating five facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.

With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term. www.centrichealth.ca

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, strategies, alternatives, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from. The Company does not undertake to update any forward-looking information contained herein, except as required by applicable Canadian securities legislation.

SOURCE Centric Health Corporation