new man in the House
DENVER--(BW HealthWire)--Nov. 30, 1999--Coram Healthcare
Corporation (NYSE: CRH) announced that, effective today, Daniel D.
Crowley has been named Chairman of the Board, President and Chief
Executive Officer. Former Coram Chairman and interim Chief Executive
Officer Donald J. Amaral will remain a member of the Board of
Directors.
"I am pleased to announce Dan Crowley's arrival at Coram today,"
said Mr. Amaral. "I have known Dan for a number of years and believe
his focus, intensity and turnaround experience will strengthen the
company to better compete and better serve our customers, healthcare
providers, employees and shareholders."
Mr. Crowley, 52, is Chairman, President and CEO of
Sacramento-based Dynamic Healthcare Solutions, a management consulting
and investment firm he established in 1997. He also serves as Chairman
of the Board of Winterland, a leading privately held affinity
merchandise company in the music and entertainment industry. He is
also founder of the Crowley Children's Fund, a charitable organization
supporting programs for at-risk children.
"My initial focus will be to assess Coram's strengths and
opportunities and to provide the leadership catalyst that will create
the possibility for a solid turnaround," said Mr. Crowley. "By
initiating a disciplined business planning process and a
performance-driven incentive program targeted to achieve very specific
goals, the Coram team will be able to refocus the energy of the
organization toward those areas holding the greatest potential to
create profitable growth, positive cash flow and shareholder value.
"With the proposed sale of Coram's prescription services unit and
the wind-down of the R-Net subsidiaries, we have a unique opportunity
to refocus Coram on its core home infusion business and to build on
this with Coram's synergistic clinical trials and medical informatics
business. After an initial assessment, we will be prepared to
communicate our turnaround plans in more detail.
"Clearly Coram faces a number of very real challenges. However,
one positive is that the company's lenders have indicated their
support for the company and its leadership by granting the recently
announced 6-month moratorium on certain covenants and principal and
interest payments."
Before founding Dynamic Healthcare Solutions, Mr. Crowley was
Chairman, President and CEO of Foundation Health Corporation. He
joined Foundation in 1989 to turn around the diffused, unprofitable
company heavily indebted from a leveraged buyout. Under his leadership
the company rapidly became profitable, established itself as a
national leader in managed care and joined the ranks of the Fortune
500. It grew from less than $300 million in revenues in 1988 to more
than $5 billion in 1997, when Mr. Crowley completed a strategic merger
with another company.
Prior to his role at Foundation Health, he served as the
Executive Vice President of Blue Cross and Blue Shield of Ohio, where
he led the turnarounds of several business units, including the
Western Division, where he re-established the viability of that
operation.
More recently, he brought management focus, stronger
profitability and operational improvements to Winterland during a
turnaround and a period of rapid growth. The result has been financial
performance ahead of plan and the successful refinancing of a portion
of Winterland's debt. |
