TUCSON, Ariz., June 2, 2015 /PRNewswire/ -- The Providence
Service Corporation (Nasdaq: PRSC) (the "Company") today announced
that, as previously announced on May 11,
2015, its Chief Executive Officer Warren Rustand stepped down from his role as
Chief Executive Officer and board member, effective June 1, 2015. The Company's chairman,
Chris Shackelton, assumed the role
of Chief Executive Officer on an interim basis until a replacement
is named, also effective June 1,
2015. Additionally, Mr. Shackelton stepped down from each of
the Company's Audit Committee, the Compensation Committee and the
Nominating and Governance Committee. As a result, the Company
notified the Nasdaq Stock Market ("Nasdaq") that it is not
currently in compliance with the "three independent member audit
committee" requirement of Nasdaq's listing rules.
Nasdaq Listing Rule 5065 provides a cure period for the Company
to regain compliance with Nasdaq's "three independent member audit
committee" requirement. This cure period will run through the
earlier of the Company's next annual shareholders' meeting or
June 1, 2016 or, if the Company's
next annual shareholders' meeting is held before November 30, 2015, then the Company must evidence
compliance no later than November 30,
2015.
The Company intends to appoint an additional independent
director to its Board and each of its committees, including the
Audit Committee, prior to the end of the cure period provided by
the Nasdaq rules noted above.
About Providence Service Corporation
The Company is a
Tucson, Arizona-based company that
provides and manages government sponsored human services,
innovative global employment services, comprehensive health
assessment and care management services, and non-emergency
transportation services. It offers: (1) non-emergency
transportation management services to state Medicaid programs,
local government agencies, hospital systems, health maintenance
organizations, private managed care organizations and commercial
insurers, as well as to individuals with limited mobility, people
with limited means of transportation, people with disabilities and
Medicaid members; (2) home- and community-based counseling
services, which include home-based and intensive home-based
counseling, workforce development, substance abuse treatment
services, school support services and correctional services; (3)
foster care and therapeutic foster care services; (4) case
management, referral and monitoring services; (5) social
improvement, employment and welfare services to various
international government bodies and corporations; and (6) in-home
comprehensive health assessment and care management services
primarily to Medicare Advantage programs. The Company is
unique in that it provides and manages its human services primarily
in the client's own home or in community based settings, rather
than in hospitals or treatment facilities and provides its
non-emergency transportation services through local transportation
providers rather than an owned fleet of vehicles.
Logo -
http://photos.prnewswire.com/prnh/20140331/LA92965LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/chris-shackelton-appointed-interim-ceo-the-providence-service-corporation-non-compliance-with-nasdaq-listing-rule-5605-300092797.html
SOURCE The Providence Service Corporation