agilon health Announces Retirement and New Appointment to its Board of Directors

Rhea-AI Summary

agilon health announces the retirement of Michael Smith from its board of directors after over five years. Jeff Schwaneke, previously Executive VP at Centene Corporation, will join as an independent board member. Schwaneke brings extensive experience including overseeing a $35 billion pharmacy business and a significant growth in revenues at Centene, from $20 billion to $125 billion. The company views this transition as crucial for its growth during an evolving healthcare landscape.

Positive

• Jeff Schwaneke brings significant leadership and industry experience, potentially enhancing the board's strategic direction.
• Schwaneke's background in healthcare and financial growth could support agilon's ongoing transition to a value-based care model.

Negative

• Michael Smith's departure may create temporary uncertainty regarding board continuity and strategic focus.

Michael Smith to retire after 5 years of service; Jeff Schwaneke named to agilon board

AUSTIN, Texas--(BUSINESS WIRE)-- agilon health, inc. (NYSE: AGL), the trusted partner empowering physicians to transform health care in our communities, announced today that Michael Smith will retire from agilon health’s board of directors after more than five years of service. Upon Smith’s retirement, Jeff Schwaneke has been elected as an independent board member effective immediately. Schwaneke is the former Executive Vice President, Health Care Enterprises for Centene Corporation, a Fortune 50 company, and a leading healthcare enterprise.

“On behalf of the board of directors, we would like to thank Michael for his dedication, leadership and contributions for the past several years, including his prior service as chair of the audit committee,” said Ron Williams, Board Chairman. “We are delighted to welcome Jeff to the agilon health board. We believe his extensive leadership, financial, and industry experience will be of tremendous value during an important period of growth for the company.”

During his 13 years at Centene, Schwaneke held numerous positions and played an instrumental role in raising capital, leading acquisitions, and driving seamless integration of newly acquired companies. In his most recent role as EVP, Health Care Enterprises, Schwaneke oversaw Centene’s $35 billion pharmacy business including part D Medicare, dental and vision companies, and company-owned clinics. Prior to this role, he served as Chief Financial Officer and Treasurer from 2016 to 2021, and during his tenure, revenues grew from $20 billion to $125 billion. Schwaneke joined Centene in 2008 as Corporate Controller and Chief Accounting Officer.

“I would like to express my gratitude to Michael for his dedicated service on the agilon board during a critical time period for the company and to wish him well in his retirement,” said Steve Sell, Chief Executive Officer. “In addition, I am excited and confident in the important role Jeff will play on our board as we build a new primary care model with our physician partners and look to transform health care at the community level.”

Prior to joining Centene, Schwaneke served as the Assistant Controller and then as Chief Accounting Officer of Novelis, Inc. Before Novelis, Schwaneke held various finance and accounting positions at SPX Corporation and PriceWaterhouse Coopers. Schwaneke is a graduate of the University of Missouri and is a CPA.

"I am pleased to join agilon's board of directors at a time when the healthcare industry is evolving at a rapid rate," said Jeff Schwaneke. "I look forward to the opportunity to serve on the board for a company that is playing a critical role in helping shape the future of health care by empowering physicians to focus on the whole health of their senior patients."

About agilon health

agilon health is the trusted partner empowering physicians to transform health care in our communities. Through our partnerships and purpose-built platform, agilon is accelerating at scale how physician groups transition to a value-based Total Care Model for senior patients. agilon provides the technology, people, capital, process, and access to peer network that allow physician groups to maintain their independence and focus on the total health of their most vulnerable patients. Together, agilon and its physician partners are creating the healthcare system we need – one built on the value of care, not the volume of fees. The result: healthier communities and empowered doctors. agilon will be the trusted partner in 17 diverse communities and is here to help more of our nation’s best physician groups and health systems have a sustained, thriving future. For more information go to www.agilonhealth.com connect with us on Twitter, Instagram, LinkedIn and YouTube.

Forward-Looking Statements

Statements in this release that are not historical facts are “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 include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” "target," “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should,” and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated new markets, new partnership structures, financing activities, dispositions, or other transactions discussed in this release; and (ii) statements regarding growth opportunities, ability to deliver sustainable long-term value, business environment, long term opportunities and strategic growth plan including without limitation with respect to expected revenue and net income, total and average membership, Adjusted EBITDA, and other financial projections and assumptions, as well as comparable statements included in other sections of this release. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, but are not limited to: our history of net losses, and our ability to achieve or maintain profitability in an environment of increasing expenses; our ability to identify and develop successful new geographies, physician partners and payors, or to execute upon our growth initiatives; our ability to execute our operation strategies or to achieve results consistent with our historical performance; our expectation that our expenses will increase in the future and the risk that medical expenses incurred on behalf of members may exceed the amount of medical revenues we receive; our ability to secure contracts with Medicare Advantage payors or to secure Medicare Advantage payments at favorable financial terms; our ability to recover startup costs incurred during the initial stages of development of our physician partner relationships and program initiatives; significant reductions in our membership; challenges for our physician partners in the transition to a Total Care Model; inaccuracies in the estimates and assumptions we use to project the size, revenue or medical expense amounts of our target markets; the spread of, and response to, the novel coronavirus, or COVID-19, and the inability to predict the ultimate impact on us; security breaches, loss of data or other disruptions to our data platforms; the impact of devoting significant attention and resources to the provision of certain transition services in connection with the disposition of our California operations; our subsidiaries’ lack of performance or ability to fund their operations, which could require us to fund such losses; our dependence on a limited number of key payors; the limited terms of our contracts with payors and that they may not be renewed upon their expiration; our reliance on our payors for membership attribution and assignment, data and reporting accuracy and claims payment; our dependence on physician partners and other providers to effectively manage the quality and cost of care and perform obligations under payor contracts; our dependence on physician partners to accurately, timely and sufficiently document their services and potential False Claims Act or other liability if any diagnosis information or encounter data are inaccurate or incorrect; reductions in reimbursement rates or methodology applied to derive reimbursement from, or discontinuation of, federal government healthcare programs, from which we derive substantially all of our total revenue; statutory or regulatory changes, administrative rulings, interpretations of policy and determinations by intermediaries and governmental funding restrictions, and their impact on government funding, program coverage and reimbursements; regulatory proposals directed at containing or lowering the cost of healthcare and our participation in such proposed models; the impact on our revenue of CMS modifying the methodology used to determine the revenue associated with MA members; the potential that we may incur future indebtedness; and risks related to other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005774/en/

Investors

Matthew Gillmor

VP, Investor Relations

investors@agilonhealth.com

Media

Megan Strothman

Director, Communications & Public Affairs

media@agilonhealth.com

Source: agilon health, inc.

FAQ

Who is Jeff Schwaneke and what is his role at agilon health?

Jeff Schwaneke has been elected as an independent board member at agilon health, bringing extensive experience from his previous position as Executive VP at Centene Corporation.

What is the impact of Michael Smith’s retirement on agilon health?

Michael Smith's retirement may lead to a transitional phase for the board, but the company expects that Jeff Schwaneke's expertise will support continued growth.

When did Michael Smith retire from agilon health's board?

Michael Smith announced his retirement effective immediately as of the recent press release.

What financial achievements does Jeff Schwaneke have?

During his tenure at Centene, Schwaneke contributed to revenue growth from $20 billion to $125 billion and oversaw a $35 billion pharmacy business.

How will Jeff Schwaneke's experience influence agilon health's future?

His healthcare background and experience in raising capital and managing acquisitions are expected to provide valuable insights for agilon's growth strategy.