Centric Health Appoints David Murphy as President and CEO

TORONTO, April 3, 2018 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH), Canada's leading diversified healthcare services company, is pleased to announce the appointment of David Murphy as its President and Chief Executive Officer, effective as of May 1, 2018.

"We are very excited and privileged to have David join the Centric team," said Dr. Jack Shevel, Interim CEO and Chairman of the Company. "He has a solid pedigree and deep understanding of the Canadian healthcare landscape, having led major Canadian divisions of two of the world's largest and most successful healthcare organizations. In particular, David has an impressive track record of increasing operating margins in the face of market pressures, leading complex integrations of newly acquired businesses and improving employee engagement and workplace culture."

Mr. Murphy brings over 12 years of healthcare experience to Centric Health. He joins the Company from Cardinal Health, where he has served as President of its $1.2 billion Canadian business since 2016.  During this time, he led a strategic transformation of the Canadian organization, which included integration of the Patient Recovery business purchased from Medtronic.  Previously, Mr. Murphy was President of the Canadian division of Stryker from 2008 to 2016.  Under his leadership, the organization strengthened its market leadership position, improved operating margins and earned consistent recognition as a top Canadian employer and workplace.  Mr. Murphy holds MBA and LL.B. degrees from the University of Toronto.

"I am looking forward to joining the team at Centric and working to deliver on our vision of providing the highest level of quality and care for patients, seniors and other stakeholders," said Mr. Murphy. "The company has unique business platforms and solid growth opportunities, and is well positioned to play a meaningful role in addressing the significant challenges in the Canadian healthcare system.  My focus will be on executing the company's growth strategies, fostering a strong organizational culture and consistently delivering operational and service excellence so that Centric can create value for shareholders while contributing to the improvement of healthcare in Canada."

Upon commencement of his term, Mr. Murphy will receive a sign-on bonus of 500,000 restricted stock units pursuant to the Company's Restricted Stock Unit Plan. He will also be appointed to the Company's Board of Directors.

About Centric Health
Centric Health's vision is to be Canada's most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:

  • Centric Health's Specialty Pharmacy team is committed to delivering the highest standards of services and care focusing on "Senior's First". The current infrastructure is represented by a national network of 19 fulfilment centres serving more than 28,000 seniors in over 440 seniors communities (long-term care facilities, retirement homes and assisted living facilities) in four provinces. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.

  • The Surgical & Medical Centres division is Canada's largest independent surgical provider operating five facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.

With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term. www.centrichealth.ca

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 business strategy, plans and other expectations, beliefs, goals, strategies, alternatives, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from. The Company does not undertake to update any forward-looking information contained herein, except as required by applicable Canadian securities legislation.

SOURCE Centric Health Corporation

For further information: Dr. Jack Shevel, Centric Health Corporation, 416-927-8400, info@centrichealth.ca