TUCSON, Ariz., Aug. 6, 2015 /PRNewswire/ -- The Providence
Service Corporation (Nasdaq: PRSC) today announced that, after the
conclusion of its executive search process, the Company's Board of
Directors has appointed James M.
Lindstrom as President and Chief Executive Officer and a
member of the Board of Directors, effective immediately. Mr.
Lindstrom has served as Chief Financial Officer of Providence since January
2015. Chris Shackelton, who had taken on the role of
interim Chief Executive Officer in June of this year, will
remain as Chairman of the Board of Directors, a role he has
held since 2012.
Mr. Shackelton commented, "On behalf of Providence's Board of Directors, we are
excited to appoint Jim to the position of CEO. Jim is a
highly respected leader with a strong track record of delivering
exceptional financial, operational and shareholder performance
across a variety of industries. Having had the privilege of
working closely with Jim over the past few months, I have been
particularly impressed with the robust and collaborative
relationships he has forged throughout our organization,
specifically the partnerships he has built with our vertical
CEOs. Jim's management approach, through our holding company
structure, positions Providence to
attract and develop elite leaders, and as a result, maintain the
tremendous momentum and enthusiasm driving our businesses."
Mr. Lindstrom commented, "Providence is a unique company that operates
with both excellence and integrity. I am honored to have the
opportunity to help build upon the Company's success of recent
years. I look forward to working in close partnership with
our vertical CEOs to further deliver superior solutions for our
clients as well as shareholder value well into the future."
Mr. Lindstrom, age 42, joined Providence in January
2015 from Integrated Electrical Services, Inc. (IES), a
publically traded industrial holding company, where he was
Chairman, President and Chief Executive Officer. As IES'
Chief Executive, he implemented a value enhancement strategy that
included operational improvements, a financial restructuring and
strategic growth via acquisition and organic efforts, that
transformed IES into a profitable industrial holding company.
Prior to joining IES, Mr. Lindstrom spent five years as an employee
of Tontine Associates, an affiliate of a private investment
fund. Previous operating experience includes his role as
Chief Financial Officer of Centrue Financial from 2003 to 2006,
where he led a strategic transformation and multiple acquisitions,
and as an executive at ChiRex, Inc., a pharmaceutical services
company. Mr. Lindstrom has a BA in Economics from
Colby College and an MBA from the Tuck
School of Business at Dartmouth
College.
The Company also announced that David
Shackelton, currently Vice President, Head of Corporate
Development, has been appointed as interim Chief Financial Officer,
assuming the position vacated by Mr. Lindstrom on an interim basis
while the Company conducts a search for a permanent
replacement.
Kristi Meints, Chair of the
Board's Audit Committee, commented, "We are equally pleased to
announce the appointment of David
Shackelton to the role of interim Chief Financial
Officer. David has proven to be a valuable member of the
Providence team, providing
leadership in the transformation of Providence, including overseeing acquisitions,
supporting the transition to a holding company and working closely
with our verticals in setting strategy and financial planning."
David Shackelton, age 29, joined
Providence in February 2014 as Vice President, Head of
Corporate Development, which included overseeing all major M&A
activity. In addition to sourcing and leading due diligence
on acquisitions and partnership opportunities, he has supported
capital market activities, integration planning and execution,
strategy setting, financial planning and analysis, and capital
allocation decisions. Prior to joining Providence, he was a private equity investment
professional at Mill Road Capital and at The Blackstone
Group. Mr. Shackelton has a BA in Economics from Yale University and a MBA from Stanford Graduate
School of Business.
The CEO search was conducted by Heidrick & Struggles, a
worldwide executive search firm specializing in chief executive and
senior level assignments.
About Providence
Providence 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.
Providence 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 clients through local transportation
providers rather than an owned fleet of vehicles.
Forward-Looking Statements
This press release
contains "forward-loking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
"believe," "demonstrate," "expect," "estimate," "forecast,"
"anticipate," "should" and "likely" and similar expressions
identify forward-looking statements. In addition, statements that
are not historical should also be considered forward-looking
statements. Readers are cautioned not to place undue reliance on
those forward-looking statements, which speak only as of the date
the statement was made. Such forward-looking statements are based
on current expectations that involve a number of known and unknown
risks, uncertainties and other factors which may cause actual
events to be materially different from those expressed or implied
by such forward-looking statements. These factors include, but are
not limited to, our continuing relationship with government
entities and our ability to procure business from them, our ability
to manage growing and changing operations, the implementation of
the healthcare reform law, state budget changes and legislation and
other risks detailed in Providence's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the fiscal year ended December 31,
2014 and subsequent filings. Providence is under no obligation to (and
expressly disclaims any such obligation to) update any of the
information in this press release if any forward-looking statement
later turns out to be inaccurate whether as a result of new
information, future events or otherwise.
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SOURCE The Providence Service Corporation