Stephen, is this what your uncle was referring to? Down 7/8-- so far. How does it help?
PR Newswire, Tuesday, January 20, 1998 at 11:07
In NYTH139, Oxford Health Plans Forms New Executive Committee, moved
Thursday, Jan. 8, we are advised by a representative for the company that the
pager number in the contact information for Nicole Reilly, should read,
"888-899-9629" rather than "888-889-9629" as originally issued. The corrected
text of the release follows:
Oxford Health Plans Forms New Executive Committee
NORWALK, Conn., Jan. 8 /PRNewswire/ -- Oxford Health Plans, Inc.
(NASDAQ:OXHP) announced today the formation of an executive committee,
consisting of two outside directors and Chairman of the Board Stephen F.
Wiggins, to strengthen and enhance the company's ability to manage its growth.
The committee's first order of business will be to supervise the external
search for a new chief executive officer, as well as a new chief financial
officer. William Sullivan will remain president and chief executive officer
of the company until the CEO search is completed and is expected to remain in
a senior management capacity with the company after a new CEO is appointed.
The company also announced that Albert A. Koch, chief operating officer of Jay
Alix & Associates, will serve as interim chief financial officer.
Fred F. Nazem, managing general partner of Nazem and Company and a member
of the board of directors since 1989, will chair the new committee. He is
joined by Mr. Wiggins and James B. Adamson, Chairman, chief executive officer
and president of Advantica Restaurants Group, formerly Flagstar Companies Inc.
In addition to the executive searches, the charter of the committee
includes supervision of regulatory matters, board practices and corporate
governance issues.
"I believe that our shareholders will benefit from the formation of this
executive committee and the expertise of Fred and Jim," said Mr. Wiggins.
"They have a tremendous breadth of executive and financial experience,
particularly in turnaround situations, and can provide us with the additional
independent perspective, financial acumen and business insight we need to
effectively oversee Oxford's future operations."
"Steve founded and built one of the fastest growing and successful
companies in the nation with a consumer-friendly vision based on quality and
choice," said Mr. Nazem. "We're looking to add a seasoned executive who can
build on Steve's vision while focusing on financial and operational issues,
allowing us to meet the demand for Oxford's products."
Oxford's product lines include traditional health maintenance
organizations, point-of-service plans, third-party administration of employer
funded benefit plans, Medicare and Medicaid plans, and dental plans. Oxford
markets its health plans to employers in New York, New Jersey, Pennsylvania,
Connecticut, Florida, Illinois and New Hampshire through its direct sales
force and through independent insurance agents and brokers.
James B. "Jim" Adamson
James B. Adamson, 49, is chairman, chief executive officer and president
of Advantica Restaurant Group, Inc., one of the nation's largest restaurant
companies with annualized revenue of approximately $2.7 billion. He has
overall responsibility for Advantica and its six restaurant chains -- Coco's,
Carrows, Denny's, Quincy's Family Steakhouse, El Pollo Loco and the largest
franchise of Hardee's, Advantica operates approximately 3,200 company and
franchise restaurants in the United States, four foreign countries and two
U.S. territories.
Adamson came to Advantica in February 1995 as president and chief
executive officer from Burger King Corporation. In May 1995, he assumed the
additional role of chairman for Advantica. While at Burger King, his
leadership in simplifying the fast-food chain's menu and refocusing the
business on burgers resulted in increased sales and profits. As restaurant
financial analyst Mike Mueller noted, "Basically, he turned around Burger King
in a remarkably short time and did it with a single-minded focus on why it is
that people go there."
Adamson joined Miami-based Burger King in 1991 as president of the U.S.A.
Retail Division with responsibility for all Burger King company-owned
restaurants. Prior to his promotion to chief executive officer in July 1993,
Adamson was chief operating officer for Burger King's three worldwide
operating business units in Europe/Middle East/Africa, Asia/Pacific and the
Americas.
His restaurant and retail experience spans more than 22 years and includes
leadership positions at The Gap from 1975 to 1984, B. Dalton Bookseller from
1984 to 1986, and Target Stores from 1986 to 1988. Adamson is credited with
helping turn around the bankrupt retail drug store chain Revco, Inc., where he
was executive vice president of marketing from 1988 to 1991.
Adamson received the American Jewish Committee's 1997 National Human
Relations Award from creating a corporate model for sensitivity and diversity
that is "widely regarded as an example for others to follow." In 1996, he was
awarded the Corporate CEO Achievement Award by the National Association for
the Advancement of Colored People (NAACP) for his commitment to diversity.
Adamson serves as a member of the South Carolina Commission on Racial
Relations, appointed by South Carolina Governor David Beasley. He also serves
on the board of directors of Kmart Corporation and Oxford Health.
The son of a retired U.S. Army General, Adamson was born in Japan. He
spent his early years in Europe and graduated from high school in Hawaii. He
earned a bachelor's degree in business from Gonzaga University in Spokane,
Wash. Adamson is married and has two children.
Albert A. Koch |
