Effective September 2, 2014
Joseph C. Capezza Will Retire as CFO
Company Website:
http://www.healthnet.com
LOS ANGELES -- (Business Wire)
Health
Net, Inc. (NYSE:HNT) today announced that James Woys, 56, has been
named executive vice president, chief financial and operating officer,
and interim treasurer, effective September 2, 2014. This is a new
position.
Woys has been executive vice president and chief operating officer since
November 2007. Previously Woys served as acting chief financial officer
from November 2006 through October 2007.
The company announced that Joseph C. Capezza, 59, currently executive
vice president, chief financial officer and treasurer, will retire as
CFO. He will have a consulting contract with the company through year
end to assist with transition issues. Capezza has been Health Net’s CFO
since November 2007.
“As we embark on a comprehensive effort to streamline the operations of
the company, Jim Woys’ breadth of experience makes him the right person
to lead the combined finance and operating teams as we continue to
pursue our growth strategies,” said Jay Gellert, president and chief
executive officer of Health Net.
“I want to thank Joe Capezza for his six years of service to Health Net.
We appreciate his efforts over these years. We wish him the very best in
the future,” Gellert noted.
About Health Net
Health Net, Inc. is a publicly traded managed care organization that
delivers managed health care services through health plans and
government-sponsored managed care plans. Its mission is to help people
be healthy, secure and comfortable. Health Net provides and administers
health benefits to approximately 5.8 million individuals across the
country through group, individual, Medicare (including the Medicare
prescription drug benefit commonly referred to as “Part D”), Medicaid,
U.S. Department of Defense, including TRICARE, and Veterans Affairs
programs. Health Net also offers behavioral health, substance abuse and
employee assistance programs, managed health care products related to
prescription drugs, managed health care product coordination for
multi-region employers, and administrative services for medical groups
and self-funded benefits programs.
For more information on Health Net, Inc., please visit Health Net’s
website at www.healthnet.com.
Cautionary Statements
The company and its representatives may from time to time make written
and oral forward-looking statements within the meaning of the Private
Securities Litigation Reform Act (“PSLRA”) of 1995, including statements
in this and other press releases, in presentations, filings with the
Securities and Exchange Commission (“SEC”), reports to stockholders and
in meetings with investors and analysts. All statements in this press
release, other than statements of historical information provided
herein, may be deemed to be forward-looking statements and as such are
intended to be covered by the safe harbor for “forward-looking
statements” provided by PSLRA. These statements are based on
management’s analysis, judgment, belief and expectation only as of the
date hereof, and are subject to changes in circumstances and a number of
risks and uncertainties. Without limiting the foregoing, statements
including the words “believes,” “anticipates,” “plans,” “expects,”
“may,” “should,” “could,” “estimate,” “intend,” “feels,” “will,”
“projects” and other similar expressions are intended to identify
forward-looking statements. Actual results could differ materially from
those expressed in, or implied or projected by the forward-looking
information and statements due to, among other things, health care
reform and other increased government participation in and taxation or
regulation of health benefits and managed care operations, including but
not limited to the implementation of the Patient Protection and
Affordable Care Act and the Health Care and Education Reconciliation Act
of 2010 (collectively, the "ACA") and related fees, assessments and
taxes; the company’s ability to successfully participate in California’s
Coordinated Care Initiative, which is subject to a number of risks
inherent in untested health care initiatives and requires the company to
adequately predict the costs of providing benefits to individuals that
are generally among the most chronically ill within each of Medicare and
Medi-Cal and implement delivery systems for benefits with which the
company has limited operating experience; the company’s ability to
successfully participate in the federal and state health insurance
exchanges under the ACA, which have experienced technical challenges in
implementation and which involve uncertainties related to the mix and
volume of business that could negatively impact the adequacy of our
premium rates and may not be sufficiently offset by the risk
apportionment provisions of the ACA; increasing health care costs,
including but not limited to costs associated with the introduction of
new treatments or therapies; our ability to reduce administrative
expenses while maintaining targeted levels of service and operating
performance which could be significantly impacted if we are unable to
reach a final agreement with Cognizant or do not receive applicable
regulatory approval of any final services agreement; negative prior
period claims reserve developments; rate cuts and other risks and
uncertainties affecting the company’s Medicare or Medicaid businesses;
the company’s ability to successfully participate in Arizona’s Medicaid
program; trends in medical care ratios; membership declines or negative
changes in our health care product mix; unexpected utilization patterns
or unexpectedly severe or widespread illnesses; the timing of
collections on amounts receivable from state and federal governments and
agencies, including collections of amounts owed under the T-3 contract;
litigation costs; regulatory issues with federal and state agencies
including, but not limited to, the California Department of Managed
Health Care, the Centers for Medicare & Medicaid Services, the Office of
Civil Rights of the U.S. Department of Health and Human Services and
state departments of insurance; operational issues; changes in economic
or market conditions; failure to effectively oversee our third-party
vendors; noncompliance by the company or the company’s business
associates with any privacy laws or any security breach involving the
misappropriation, loss or other unauthorized use or disclosure of
confidential information; impairment of the company’s goodwill or other
intangible assets; investment portfolio impairment charges; volatility
in the financial markets; and general business and market conditions.
Additional factors that could cause actual results to differ materially
from those reflected in the forward-looking statements include, but are
not limited to, the risks discussed in the “Risk Factors” section
included within the company’s most recent Annual Report on Form 10-K and
subsequent Quarterly Report on Form 10-Q filed with the SEC and the
other risks discussed in the company’s filings with the SEC. Readers are
cautioned not to place undue reliance on these forward-looking
statements. Except as may be required by law, the company undertakes no
obligation to address or publicly update any forward-looking statements
to reflect events or circumstances that arise after the date of this
release.
Contacts:
The Abernathy MacGregor Group
Investor Contact:
David
Olson, 818-917-1469
dwo@abmac.com
or
Media
Contact:
Brad Kieffer, 818-676-6833
brad.kieffer@healthnet.com
Source: Health Net, Inc.
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