Mr. Kent immediately joins Board of Directors,
replacing Dr. Marlow Hernandez who
has stepped down
MIAMI, Aug. 21,
2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health"
or the "Company"), a leading value-based primary care provider and
population health company, today announced that its Board of
Directors has appointed Mark Kent as
Chief Executive Officer, effective immediately. The Board also
elected Mr. Kent, who has served as interim Chief Executive Officer
since June 16, 2023, to Cano Health's
Board of Directors. The Board also announced that Dr. Marlow
Hernandez has stepped down from the Board effective
immediately.
Regarding Mr. Kent's appointment, the Board issued the following
statement:
"Over the past several months, Mark
Kent has demonstrated that he is the right person to lead
Cano Health during this important period. His deep strategic and
operational experience in both emerging and established healthcare
companies gives him the skills and expertise to take the difficult
but necessary steps to refocus our company to deliver value for all
our stakeholders. We look forward to continuing to work closely
with him to execute on the strategy outlined during our most recent
earnings update and realize the profitability and value embedded in
our business."
About Mark Kent
Prior to joining Cano Health, Mr. Kent founded three startup
healthcare companies which help provider practices operate
successfully within value-based arrangements: Care Management
Resources, Total Health Medical Centers and Your Partners in
Health. He has also held numerous senior executive roles, including
having served as CEO of Women's Health Care Hospital in
Evansville, Indiana and as CEO
& Regional President of all Humana-owned, Florida-based primary care practices, which
today are known as Conviva Care Centers.
Mr. Kent is a nurse by training and earned a Master's in
Business Administration from Purdue
University. He is double board certified as a Fellow of the
American College of Health Care Executives and a Fellow of the
American College of Medical Practice Executives. He also proudly
serves on numerous national and local boards including the Broward
Health Foundation Board.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements relate to future events and
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond our control and could materially
affect actual results, performance or achievements. These
forward-looking statements generally can be identified by phrases
such as "will," "expects," "anticipates," "believes," "foresees,"
"forecasts," "plans," "intends," "estimates" or other words or
phrases of similar import, including, without limitation, (i) our
belief that Mr. Kent has deep strategic and operational experience
in both emerging and established health care companies giving him
the skills and expertise to take the difficult but necessary steps
to refocus our company to deliver value for all our stakeholders;
and (ii) our plans to execute on the strategy outlined during our
most recent earnings update and realize the profitability and value
embedded in our business. It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what impact they will have on our
results of operations and financial condition. Important risks and
uncertainties that could cause our actual results and financial
condition to differ materially from those indicated in
forward-looking statements include, among others, changes in market
or industry conditions, the regulatory environment, competitive
conditions, and/or consumer receptivity to our services; changes in
our strategy, future operations, prospects and plans; developments
and uncertainties related to the Direct Contracting Entity program;
our ability to realize expected financial results, including with
respect to patient membership, total revenue and earnings; our
ability to predict and control our medical cost ratio; our ability
to grow market share in existing markets and continue our growth;
our ability to integrate our acquisitions and achieve desired
synergies; our ability to maintain our relationships with health
plans and other key payors; our future capital requirements and
sources and uses of cash, including funds to satisfy our liquidity
needs; our ability to attract and retain members of management and
our Board of Directors; and/or our ability to recruit and retain
qualified team members and independent physicians. Actual results
may also differ materially from such forward-looking statements for
a number of other reasons, including those set forth in our filings
with the SEC, including, without limitation, in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on
March 15, 2023 (the "2022 Form
10-K"), as well as our Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K that we have filed or will file with the SEC
during 2023 (which may be viewed on the SEC's website at
http://www.sec.gov or on our website at
http://www.investors.canohealth.com/ir-home), as well as reasons
including, without limitation, our experiencing delays or
difficulties in, and/or unexpected or less than anticipated results
from our efforts to: (i) deliver value for all our stakeholders,
such as due to less than anticipated revenues, Adjusted EBITDA,
cash flows and/or other sources of liquidity; and/or (ii) our plans
to execute on our strategy and/or realize the profitability
embedded in our business, such as due to a broad recessionary
economic environment, less than anticipated sources of liquidity,
difficulties or delays in consummating one or more asset or other
sale transactions, in whole or in part, unanticipated demands on
our available sources of cash, tightness in the credit or M&A
markets, higher interest rates, less than anticipated cost
reductions from our restructuring activities and/or a sustained
higher inflationary environment. For a detailed discussion of other
risks and uncertainties that could cause our actual results to
differ materially from those expressed or implied by the
forward-looking statements, please refer to our filings with the
SEC, including, without limitation, our 2022 Form 10-K. Factors
other than those listed above could also cause our results to
differ materially from expected results. Forward-looking statements
speak only as of the date they are made and, except as required by
law, we undertake no obligation or duty to publicly update or
revise any forward-looking statement, whether to reflect actual
results of operations; changes in financial condition; changes in
general U.S. or international economic, industry conditions;
changes in estimates, expectations or assumptions; or other
circumstances, conditions, developments or events arising after the
issuance of this press release. Additionally, the business and
financial materials and any other statement or disclosure on or
made available through the Company's websites or other websites
referenced herein shall not be incorporated by reference into this
release.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered
healthcare company delivering personalized, value-based primary
care to approximately 380,000 members. With its headquarters in
Miami, Florida, Cano Health is
transforming healthcare by delivering primary care that measurably
improves the health, wellness, and quality of life of its patients
and the communities it serves. Founded in 2009, Cano Health has
more than 4,000 employees, and operates primary care medical
centers and supports affiliated providers in nine states and
Puerto Rico. For more information,
visit canohealth.com or investors.canohealth.com.
Contacts
Investors:
investors@canohealth.com
Media:
mediarelations@canohealth.com
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SOURCE Cano Health, Inc.
