Accretive Health Names Stephen Schuckenbrock President and CEO; Mary Tolan
CHICAGO -- April 2, 2013
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
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
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.
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.
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