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Biotech / Medical : HRC HEALTHSOUTH -- Ignore unavailable to you. Want to Upgrade?

To: Tunica Albuginea who wrote (42)	11/1/1999 3:03:00 PM
From: Tunica Albuginea	Respond to of 181

Another HMO ( CEO ) bites the dust. " Overcharging as it tries to turn around ". Certainly HRC will ask for part of that " overcharge ", GGG TA ---------------------------------------- November 1, 1999 Oxford Health's President Tenders His Resignation Amid Turnaround By RON WINSLOW Staff Reporter of THE WALL STREET JOURNAL Oxford Health Plans Inc. said William Sullivan resigned as president of the managed-health-care company to pursue other interests. The resignation, announced in a one-paragraph statement late Friday after the close of stock-market trading, comes as the company's two-year turnaround effort from a financial debacle appears to be taking hold. The company is expected to report strong third-quarter results Tuesday, in line with earlier statements it would return to profitability in this year's second half. The resignation also follows by a month a lawsuit filed by Travers O'keefe, a New York insurance broker, that alleged Oxford substantially overcharged some clients as it sought rate increases as part of its turnaround program. Oxford said it plans to vigorously defend against the suit. There was no announcement of a successor, and the company indicated it didn't plan to fill the post immediately. Oxford, which is moving its headquarters to Trumbull, Conn., from Norwalk, said Kevin Hill, senior vice president of sales, was promoted to executive vice president to assume responsibility for sales and marketing operations, which were part of Mr. Sullivan's duties. "Bill made an enormous contribution through our turnaround, and we wish him every success in his future endeavors," Norman C. Payson, chairman and chief executive officer, said in a statement. Mr. Sullivan, who was 35 years old when the company's proxy statement for this year's annual meeting was published in April, joined Oxford in 1988, well before the company went public in the early 1990s to become one of the decade's stock market success stories. Then, two years ago, it was overtaken by computer problems, too much growth and management lapses that led to its collapse. Mr. Sullivan was named chief executive officer in August of 1997, just before the company's troubles were disclosed. While most other executives, including founder and then Chairman Stephen F. Wiggins departed when new management came in to clean up the problems, Mr. Sullivan remained to serve as Mr. Payson's top lieutenant. "He's probably the last real player from the old team," said Henry Moyer, of Moyer Group Inc., a New York insurance broker. He credits Mr. Sullivan with building relations with insurance brokers that helped fuel the company's early success. According to the company's most recent proxy statement, Mr. Sullivan was paid $600,000 in salary in 1998 as well as a $500,000 bonus. In March, the company forgave both principal and interest on a $750,000 loan to Mr. Sullivan. The proxy says if Mr. Sullivan departs without "cause" or for "good reason," he would receive a cash payment equal to two times his target bonus for the year plus his base salary for the 12-month period before the date of termination. The company didn't refer to any terms in the resignation announcement.

To: Tunica Albuginea who wrote (42)	11/1/1999 5:20:00 PM
From: Tunica Albuginea	Read Replies (1) \| Respond to of 181

D.T. Watson Rehabilitation Services to be Renamed The Watson Institute biz.yahoo.com Monday November 1, 2:55 pm Eastern Time Company Press Release SOURCE: The Watson Institute D.T. Watson Rehabilitation Services to be Renamed The Watson Institute PITTSBURGH, Nov. 1 /PRNewswire/ -- D.T. Watson Rehabilitation Services will formally change its name to The Watson Institute effective today with the completion of the sale of its 44-bed hospital facility to HealthSouth Corporation (NYSE: HRC - news),ÿ announced Raymond B. White, President of the Margaret H.W. Watson Foundation. A new education center will be built on the 65 remaining acres of the campus in Leet Township.ÿ The Watson Institute will lease space and operate its educational programs from its current location until the new building is complete. ``We look forward to the opportunity to focus solely on our original mission of educating children with disabilities. We are very enthusiastic about the opportunities for growth that our new education facility will provide. We hope to be able to expand our education programs to reach additional children, families and communities in the near future,' said White. The Watson Institute serves children with brain injury, autism, cerebral palsy andÿ other neurological impairments. Approximately 110 children are served at its current facility.ÿ Over 50 additional children are served through satellite programs in other school districts.ÿ In addition to educational services, the Watson Institute provides respite programs for caregivers, including Care Break and Residential Respite Programs. The Watson Institute was founded in 1917 as the D.T. Watson Home for Crippled Children. The Watson Home was the site of the first clinical trials of the polio vaccine performed by Dr. Jonas Salk whose son Dr. Darrell Salk is a current member of the Board of Trustees. The late pediatrician Dr. Robert Nix from Sewickley, on staff at Watson at the time, aided the vaccine effort by encouraging his patients to participate in the trials. ``In the midst of these changes, we remain grateful to a community that has been supportive,ÿ generous and made much of our good work possible. We will remain a visible presence on this campus as well as an active and dedicated neighbor in our community,' White added.ÿ SOURCE: The Watson Institute ÿMore Quotes and News: ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Healthsouth Corp (NYSE:HRC - news)