Jeffrey M. Stamps to lead Long-Term Care Group;
Nitin Sahney appointed President of newly integrated Specialty Care Group
COVINGTON, Ky.--(BUSINESS WIRE)-- Omnicare, Inc. (NYSE:OCR), a leading provider of pharmaceutical care for the elderly, today announced a strategic reorganization of its Pharmacy Services business into two groups; Long-Term Care and Specialty Care.
“This reorganization is part of our efforts to become a stronger operating company,” said James D. Shelton, Omnicare’s Interim President and Chief Executive Officer. “We believe these structural changes will allow us to improve the customer experience and maximize growth opportunities through better coordination across the organization.”
Omnicare’s Long-Term Care Group will be led by Jeffrey M. Stamps, who has been appointed Executive Vice President and President, Long-Term Care Operations. Mr. Stamps previously served as Senior Vice President, Pharmacy Operations. He will report to the Chief Executive Officer.
The reorganized Long-Term Care Group has been centralized from eleven regions to five divisions, thereby improving coordination across the organization. Resources will be reallocated within the Long-Term Care Group to improve support, focus and consistency for the Company’s operations teams, designed to increase retention and growth.
“Jeff has long provided outstanding leadership to our field operations, and we expect his contributions will only increase as the newly formed Long-Term Care Group moves under his direction,” said Mr. Shelton.
Omnicare’s Specialty Care Group will consist of the Company’s specialty pharmacy and specialty pharmaceutical services businesses, Advanced Care Scripts, RxCrossroads, and Care For Life, as well as Omnicare’s hospice pharmacy and pharmaceutical case management business, excelleRx. Under the direction of newly appointed Specialty Care Group President, Nitin Sahney, Omnicare will focus additional resources on these growing businesses, further leverage existing capabilities, and pursue complementing avenues for growth.
Prior to joining Omnicare, Mr. Sahney managed a healthcare investment fund and advised a number of executives at publicly traded healthcare services firms and private equity groups, both domestically and abroad. Prior to that, he led the development of RxCrossroads from a wholesale and distribution operation to one of the nation’s best regarded and fastest growing specialty pharmaceutical services companies. Mr. Sahney continued to serve as RxCrossroads’ President & CEO, following its acquisition by Omnicare in 2005. Prior to his involvement with RxCrossroads, he held a variety of management positions with Cardinal Healthcare.
Mr. Sahney will report to the Chief Executive Officer.
“Nitin has an extensive track record of identifying opportunities within the specialty care market and positioning organizations appropriately to maximize their operating results,” said Mr. Shelton. “We are very excited about Nitin rejoining Omnicare’s executive team and leading the company’s rapidly growing specialty care platform.”
Mr. Shelton continued, “We look forward to the many benefits of this new organizational structure. We believe these changes will make our service delivery models more effective, customer-centric, and better positioned to support growth.”
Omnicare, Inc., a Fortune 500 company based in Covington, Kentucky, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities, chronic care and other settings comprising approximately 1.4 million beds in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Omnicare’s pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare offers clinical research services for the pharmaceutical and biotechnology industries in 32 countries worldwide.
For more information on Omnicare, visit www.omnicare.com.
In addition to historical information, this press release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to “beliefs,” “expectations,” “anticipations,” “intentions” or similar words) and all statements which are not statements of historical fact. Such forward-looking statements, together with other statements that are not historical, are based on management’s current expectations and involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission and include, but are not limited to: overall economic, financial, political and business conditions; trends in the long-term healthcare, pharmaceutical and contract research industries; the ability to attract new clients and service contracts and retain existing clients and service contracts; the ability to consummate pending acquisitions; trends for the continued growth of the Company’s businesses; trends in drug pricing; delays and reductions in reimbursement by the government and other payors to customers and to the Company; the overall financial condition of the Company’s customers and the ability of the Company to assess and react to such financial condition of its customers; the ability of vendors and business partners to continue to provide products and services to the Company; the continued successful integration of acquired companies; the continued availability of suitable acquisition candidates; the ability to attract and retain needed management; competition for qualified staff in the healthcare industry; variations in demand for the Company’s products and services; variations in costs or expenses; the ability to implement productivity, consolidation and cost reduction efforts and to realize anticipated benefits; the ability of clinical research projects to produce revenues in future periods; the potential impact of legislation, government regulations, and other government action and/or executive orders, including those relating to Medicare Part D, including its implementing regulations and any subregulatory guidance, reimbursement and drug pricing policies and changes in the interpretation and application of such policies, including changes in the calculation of average wholesale price; government budgetary pressures and shifting priorities; federal and state budget shortfalls; efforts by payors to control costs; changes to or termination of the Company’s contracts with Medicare Part D plan sponsors or to the proportion of the Company’s Part D business covered by specific contracts; the outcome of disputes and litigation; potential liability for losses not covered by, or in excess of, insurance; the impact of executive separations; the impact of benefit plan terminations; the impact of differences in actuarial assumptions and estimates as compared to eventual outcomes; events or circumstances which result in an impairment of assets, including but not limited to, goodwill and identifiable intangible assets; the final outcome of divestiture activities; market conditions; the outcome of audit, compliance, administrative, regulatory or investigatory reviews; volatility in the market for the Company’s stock and in the financial markets generally; access to adequate capital and financing; changes in international economic and political conditions and currency fluctuations between the U.S. dollar and other currencies; changes in tax laws and regulations; changes in accounting rules and standards; and costs to comply with the Company’s Corporate Integrity Agreements. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Patrick C. Lee, 859-392-3444
KEYWORDS: United States North America Kentucky Ohio
INDUSTRY KEYWORDS: Seniors Health Pharmaceutical Other Health Consumer General Health Managed Care