ST. LOUIS, July 15, 2021 /PRNewswire/ -- Centene
Corporation (NYSE: CNC) today announced that Colin Toney, Senior Vice President, Enterprise
Strategy Group, has been appointed to Executive Vice President,
Mergers and Acquisitions, effective immediately. Mr. Toney will
report to Chairman, President, and CEO Michael Neidorff.
On July 12, 2021, Jesse Hunter, Executive Vice President and Chief
Strategy Officer, notified the Company of his intent to resign from
his position effective July 31, 2021,
and will provide transition support continuing through December 31, 2021.
"As part of our senior team's development planning, we
continually look to promote Centene's internal talent into enhanced
roles," said Mr. Neidorff. "Colin's expertise brings exceptional
leadership to our mergers and acquisitions strategy and talented
team. At the same time, I want to thank Jesse for his years of
service. I wish for our leaders to achieve what they want for their
own careers, and I wish Jesse the best in his next chapter."
Before joining Centene, Mr. Toney worked at Allen &
Company, advising companies in healthcare, technology, media, and
other industries on mergers and acquisitions and capital raising.
Mr. Toney executed over 25 closed M&A transactions representing
over $30 billion, including working
with Centene on the Health Net and Fidelis
Care acquisitions. Before joining Allen & Company,
Mr. Toney worked in M&A at the investment banking firm Stephens
Inc.
About Centene Corporation
Centene Corporation, a Fortune 25 company, is a leading
multi-national healthcare enterprise that is committed to helping
people live healthier lives. The Company takes a local approach –
with local brands and local teams – to provide fully
integrated, high-quality, and cost-effective services to
government-sponsored and commercial healthcare programs, focusing
on under-insured and uninsured individuals. Centene offers
affordable and high-quality products to nearly 1 in 15 individuals
across the nation, including Medicaid and Medicare members
(including Medicare Prescription Drug Plans) as well as individuals
and families served by the Health Insurance Marketplace, the
TRICARE program, and individuals in correctional facilities. The
Company also serves several international markets, and contracts
with other healthcare and commercial organizations to provide a
variety of specialty services focused on treating the whole person.
Centene focuses on long-term growth and the development of its
people, systems and capabilities so that it can better serve its
members, providers, local communities, and government partners.
Cautionary Statements on Forward-Looking Statements of
Centene Corporation
All statements, other than statements of current or historical
fact, contained in this communication are forward-looking
statements. Without limiting the foregoing, forward-looking
statements often use words such as "believe," "anticipate," "plan,"
"expect," "estimate," "intend," "seek," "target," "goal," "may,"
"will," "would," "could," "should," "can," "continue" and other
similar words or expressions (and the negative thereof). Centene
Corporation and its subsidiaries (the "Company", "our", or "we")
intends such forward-looking statements to be covered by the
safe-harbor provisions for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995, and we are
including this statement for purposes of complying with these
safe-harbor provisions. In particular, these statements include,
without limitation, statements about Centene's settlements
with Ohio and Mississippi to resolve claims
made by the states with regard to practices at Envolve, our
pharmacy benefits manager subsidiary, and other possible future
claims and settlements related to the practices at Envolve and our
ability to settle claims with other states within the reserve
estimate we have recorded and on other acceptable terms, or at all,
intended use of proceeds from this offering, including in
connection with the Magellan Acquisition, future operating or
financial performance, market opportunity, growth strategy,
competition, expected activities in completed and future
acquisitions, including statements about the impact of the Magellan
Acquisition, Centene's completed acquisition of WellCare Health
Plans, Inc., a Delaware corporation and a wholly-owned
subsidiary of the Company ("WellCare," and such acquisition, the
"WellCare Acquisition"), other recent and future acquisitions,
investments and the adequacy of Centene's available cash
resources.
These forward-looking statements reflect Centene's current
views with respect to future events and are based on numerous
assumptions and assessments made by Centene in light of Centene's
experience and perception of historical trends, current conditions,
business strategies, operating environments, future developments
and other factors Centene believes appropriate. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and are subject to change because they relate to
events and depend on circumstances that will occur in the future,
including economic, regulatory, competitive and other factors that
may cause Centene's or its industry's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and
assumptions. All forward-looking statements included in this
communication are based on information available to Centene on the
date of this communication. Except as may be otherwise required by
law, Centene undertakes no obligation to update or revise the
forward-looking statements included in this communication, whether
as a result of new information, future events or otherwise, after
the date of this communication. You should not place undue reliance
on any forward-looking statements, as actual results may differ
materially from projections, estimates, or other forward-looking
statements due to a variety of important factors, variables and
events including but not limited to: the impact of the novel strain
of coronavirus ("COVID-19") on global markets, economic conditions,
the healthcare industry and Centene's results of operations and the
response by governments and other third parties; the risk that
regulatory or other approvals required for the Magellan Acquisition
may be delayed or not obtained or are subject to unanticipated
conditions that could require the exertion of management's time and
our resources or otherwise have an adverse effect on Centene; the
possibility that certain conditions to the consummation of the
Magellan Acquisition will not be satisfied or completed on a timely
basis and accordingly the Magellan Acquisition may not be
consummated on a timely basis or at all; uncertainty as to the
expected financial performance of the combined company following
completion of the Magellan Acquisition; the possibility that the
expected synergies and value creation from the Magellan Acquisition
or the WellCare Acquisition (or other acquired businesses) will not
be realized, or will not be realized within the respective expected
time periods; the risk that unexpected costs will be incurred in
connection with the completion and/or integration of the Magellan
Acquisition or that the integration of Magellan Health will be more
difficult or time consuming than expected; the risk that potential
litigation in connection with the Magellan Acquisition may affect
the timing or occurrence of the Magellan Acquisition or result in
significant costs of defense, indemnification and liability; a
downgrade of the credit rating of our indebtedness, which could
give rise to an obligation to redeem existing indebtedness; the
inability to retain key personnel; disruption from the
announcement, pendency, completion and/or integration of the
Magellan Acquisition or from the integration of the WellCare
Acquisition, or similar risks from other acquisitions we may
announce or complete from time to time, including potential adverse
reactions or changes to business relationships with customers,
employees, suppliers or regulators, making it more difficult to
maintain business and operational relationships; Centene's ability
to accurately predict and effectively manage health benefits and
other operating expenses and reserves, including fluctuations in
medical utilization rates due to the impact of COVID-19;
competition; membership and revenue declines or unexpected trends;
changes in healthcare practices, new technologies, and advances in
medicine; increased healthcare costs; changes in economic,
political or market conditions; changes in federal or state laws or
regulations, including changes with respect to income tax reform or
government healthcare programs as well as changes with respect to
the Patient Protection and Affordable Care Act ("ACA") and the
Health Care and Education Affordability Reconciliation Act,
collectively referred to as the ACA and any regulations enacted
thereunder that may result from changing political conditions, the
new administration or judicial actions, including the ultimate
outcome in "Texas v. United
States of America" regarding the constitutionality of the ACA; rate
cuts or other payment reductions or delays by governmental payors
and other risks and uncertainties affecting Centene's government
businesses; Centene's ability to adequately price products; tax
matters; disasters or major epidemics; changes in expected contract
start dates; provider, state, federal, foreign and other contract
changes and timing of regulatory approval of contracts; the
expiration, suspension, or termination of Centene's contracts with
federal or state governments (including but not limited to
Medicaid, Medicare, TRICARE or other customers); the difficulty of
predicting the timing or outcome of pending or future legal and
regulatory proceedings or matters, including the ongoing regulatory
review of claims against our PBM business or whether additional
claims, reviews or investigations relating to our PBM business will
be brought by other states, the federal government or shareholder
litigants, or government investigations; challenges to Centene's
contract awards; cyber-attacks or other privacy or data security
incidents; the exertion of management's time and Centene's
resources, and other expenses incurred and business changes
required in connection with complying with the undertakings in
connection with any regulatory, governmental or third party
consents or approvals for acquisitions, including the Magellan
Acquisition; disruption caused by significant completed and pending
acquisitions making it more difficult to maintain business and
operational relationships; the risk that unexpected costs will be
incurred in connection with the completion and/or integration of
acquisition transactions; changes in expected closing dates,
estimated purchase price and accretion for acquisitions; the risk
that acquired businesses will not be integrated successfully;
restrictions and limitations in connection with Centene's
indebtedness; Centene's ability to maintain or achieve improvement
in the Centers for Medicare and Medicaid Services ("CMS") star
ratings and maintain or achieve improvement in other quality scores
in each case that can impact revenue and future growth;
availability of debt and equity financing, on terms that are
favorable to us; inflation; foreign currency fluctuations; and
risks and uncertainties discussed in the reports that Centene has
filed with the SEC. This list of important factors is not intended
to be exhaustive. Centene discusses certain of these matters more
fully, as well as certain other factors that may affect Centene's
business operations, financial condition and results of operations,
in Centene's prospectus supplement for the offering described
herein and filings with the SEC, including Centene's annual report
on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K. Due to these important factors and risks, Centene cannot
give assurances with respect to Centene's future performance,
including without limitation Centene's ability to maintain adequate
premium levels or Centene's ability to control its future medical
and selling, general and administrative costs.
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SOURCE Centene Corporation