TORONTO, April 17, 2023 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors living and other congregate care communities, today announced that David Murphy will step down as President and Chief Executive Officer and as a member of the Board of Directors of CareRx effective May 31, 2023 to pursue another employment opportunity. Puneet Khanna, the current Chief Operating Officer of CareRx, will assume the role of President and Chief Executive Officer on the same date and will be nominated as part of the slate of directors to be elected at the upcoming annual general meeting of shareholders to be held on June 6, 2023.
"On behalf of the Board, we want to express our gratitude to David for his leadership of CareRx over the past five years", said Kevin Dalton, Chairman of the Board. "During his tenure, David and the strong CareRx leadership team successfully executed on the Company's strategy to establish itself as the leading provider of pharmacy services to Canadian seniors. As a result, CareRx tripled the size of its business, made a number of transformational and accretive acquisitions, and significantly strengthened its service offering, leadership team, and financial position. We wish David all the best in the next stage of his career."
"It has been a privilege to have led CareRx over the past 5 years", said David Murphy, President and Chief Executive Officer of CareRx. "I am proud to have worked with so many dedicated colleagues, and to have been part of a leadership team that I regard as the very best in the industry. I want to congratulate Puneet for his well-deserved appointment, and I am confident that under Puneet's leadership, CareRx will continue to deliver on its strategic priorities."
Kevin Dalton added, "The Board has the utmost confidence in Puneet to lead CareRx in the next chapter of its growth story. Puneet has extensive executive leadership experience, including as a CEO, and is widely respected across the long-term care and pharmacy sectors. Under his leadership, and with the support and strength of the CareRx management team, I have no doubt that the transition will be seamless."
Puneet Khanna added, "I would like to thank the Board for their vote of confidence and providing me with the privilege of leading this exceptional healthcare organization. I look forward to continuing to work with the CareRx leadership team to maximize value creation for our shareholders and other stakeholders and further enhance our leading service offering for our customers."
With over 20 years' experience in the pharmacy and senior care sectors, Puneet Khanna is the current Chief Operating Officer at CareRx. Previously, he served as the Company's Chief Commercial Officer. Mr. Khanna joined CareRx in November 2020 after serving as the Chief Executive Officer of MED e-care Healthcare Solutions Inc., a global software-solution provider within the long-term and chronic care sectors. His prior experience includes more than ten years in executive leadership roles at Medical Pharmacies (part of which was acquired by CareRx in 2021) and MediSystem Pharmacy. Mr. Khanna is a registered pharmacist and holds a Bachelor of Science in Pharmacy degree from the University of Toronto.
About CareRx Corporation
CareRx is Canada's leading provider of pharmacy services to seniors living communities. We serve over 94,000 residents in over 1,600 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimes. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's general business risks, exposure to and reliance on government regulation and funding, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE CareRX Corporation
For further information: Andrew Mok, Chief Financial Officer, CareRx Corporation, 416-927-8400; Neil Weber, Investor Relations, LodeRock Advisors, 647-222-0574, email@example.com