ST. LOUIS, Oct. 8, 2021 /PRNewswire/ -- Centene Corporation
(NYSE: CNC) today announced that David L.
Steward has retired from Centene's Board of Directors,
effective October 6, 2021.
Mr. Steward has served on Centene's Board since 2003. Given Mr.
Steward's demanding schedule, his decision to retire was based on
his desire to dedicate more time to his family and other growing
business interests.
Mr. Steward said, "After nearly two decades on the Board, I
believe it is time for me to step down and focus on family and
business priorities and give someone new the opportunity to join
this remarkable Board and continue the company's growth and
positive impact on its members, state partners, employees and
shareholders. It has been a true honor to serve Centene, a company
focused on a mission of improving health outcomes for its members
and the communities it serves."
"David has been a key and valuable member of our Board of
Directors for 18 years," said Michael
Neidorff, Chairman and CEO for Centene. "We are grateful for
his exemplary leadership."
Centene is committed to a strong Board of Directors, reflecting
diverse backgrounds, perspectives and experiences. Over the past
several years, we have refreshed our Board, including appointing
retired Air Force Four-Star General Lori
Robinson in 2019. With the close of the WellCare transaction
in 2020, we welcomed James Dallas
and William Trubeck to Centene's
Board of Directors, and in September of this year we named
Sarah London as Vice Chairman.
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.
Centene uses its investor relations website to publish important
information about the Company, including information that may be
deemed material to investors. Financial and other information about
Centene is routinely posted and is accessible on Centene's investor
relations website, https://investors.centene.com/.
Forward-Looking Statements
All statements, other than statements of current or
historical fact, contained in this press release 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 (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 our future operating or financial
performance, market opportunity, growth strategy, competition,
expected activities in completed and future acquisitions, including
statements about the impact of our proposed acquisition of Magellan
Health (the Magellan Acquisition), our completed acquisition of
WellCare Health Plans, Inc. (WellCare and such acquisition, the
WellCare Acquisition), other recent and future acquisitions,
investments, the adequacy of our available cash resources and our
settlements with Ohio and
Mississippi to resolve claims
and/or allegations made by those states with regard to past
practices at Envolve Pharmacy Solutions, Inc. (Envolve), as our
pharmacy benefits manager (PBM) subsidiary, and other possible
future claims and settlements related to the past 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. These forward-looking statements reflect our
current views with respect to future events and are based on
numerous assumptions and assessments made by us in light of our
experience and perception of historical trends, current conditions,
business strategies, operating environments, future developments
and other factors we believe 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 our or our 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 press
release are based on information available to us on the date
hereof. Except as may be otherwise required by law, we undertake no
obligation to update or revise the forward-looking statements
included in this press release, whether as a result of new
information, future events or otherwise, after the date
hereof. 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 COVID-19 on global markets, economic
conditions, the healthcare industry and our 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 us; 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; 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; our 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 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; rate cuts or other payment
reductions or delays by governmental payors and other risks and
uncertainties affecting our government businesses; our 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 our 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 legal or regulatory proceedings or matters, including
claims against our PBM business or whether additional claims,
reviews or investigations relating to our PBM business will be
brought by states, the federal government or shareholder litigants,
or government investigations; challenges to our contract awards;
cyber-attacks or other privacy or data security incidents; the
exertion of management's time and our 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 our indebtedness; our 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 Securities and Exchange Commission. This list of important
factors is not intended to be exhaustive. We discuss certain of
these matters more fully, as well as certain other factors that may
affect our business operations, financial condition and results of
operations, in our filings with the Securities and Exchange
Commission (SEC), including our 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, we cannot give assurances
with respect to our future performance, including without
limitation our ability to maintain adequate premium levels or our
ability to control our future medical and selling, general and
administrative costs.
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SOURCE Centene Corporation