LISLE, IL, June 16 /CNW/ - SXC Health Solutions Corp. ("SXC" or the
"Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of pharmacy benefits
management services, announces that effective June 30, 2008, Gordon S. Glenn,
age 60, Chairman and Chief Executive Officer (CEO) will retire from the
position of CEO, and Mark Thierer, age 48, previously President and Chief
Operating Officer, will be appointed President and CEO. Both will continue to
serve as members of the Board of Directors, with Mr. Glenn remaining Chairman
of the Board until December 31, 2008.
"Our succession plan was put into effect in mid-2006 when we hired Mark,
and this is an ideal time to pass the CEO responsibilities to him," said
Gordon S. Glenn, SXC's Chairman of the Board. "I'm confident that Mark's
industry knowledge and leadership capabilities, coupled with his energy and
enthusiasm, will ensure that SXC will continue to grow successfully. With the
integration of NMHC progressing according to plan, a growing pipeline in
multiple markets and the most flexible and extensive product suite in the
pharmacy benefits industry, the Company has never been on stronger footing. I
have thoroughly enjoyed my time at SXC and I'm proud of the growth and value
that our team has created with the company having achieved a ten-fold increase
in enterprise value since being named CEO."
"On behalf of management and the Board of Directors, I would like to
thank Gordon for his leadership and guidance during the past ten years," said
Mark Thierer, President and CEO at SXC. "These are exciting times for SXC. The
acquisition of NMHC completes our strategic footprint and positions us as a
new and unique competitor in the PBM space. We are emerging as the industry's
leading technology-enabled PBM, providing our customers a new level of
control, flexibility, and cost management. We have added significant depth and
expertise to our leadership team in the past year, and we have the right
foundation in place to drive continued growth and success in the marketplace."
In its second quarter financial results, SXC will incur a one-time
pre-tax charge of approximately $1.7 million related to the departure of Mr.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefits
management (PBM) services and Health Care Information Technology (HCIT)
solutions to the healthcare benefits management industry. The Company's
product offerings and PBM solutions combine a wide range of software
applications, application service provider (ASP) processing services and
professional services, designed for many of the largest organizations in the
pharmaceutical supply chain, such as Federal, provincial, and, state and local
governments, pharmacy benefit managers, managed care organizations, retail
pharmacy chains and other healthcare intermediaries. SXC is headquartered in
Lisle, Illinois with 13 locations in the US and Canada. For more information
please visit www.sxc.com.
For further information:
For further information: Jeff Park, Chief Financial Officer, SXC Health
Solutions, Inc., Tel: (630) 577-3206, firstname.lastname@example.org; Dave Mason, Investor
Relations, The Equicom Group Inc., (416) 815-0700 ext. 237,
email@example.com; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, firstname.lastname@example.org