CENTENE ANNOUNCES THE ELECTION OF THOMAS GRECO TO BOARD OF DIRECTORS

Rhea-AI Summary

Centene (NYSE: CNC) has appointed Thomas R. Greco to its Board of Directors, effective Aug. 9, 2024. This expands the board to 11 members, with Greco's term running through the 2025 annual meeting. Greco, a seasoned executive with over 40 years of public company leadership, most recently served as President and CEO of Advance Auto Parts from 2016 to 2023. Prior to that, he spent three decades at PepsiCo, eventually becoming CEO of Frito-Lay North America in 2011.

Centene CEO Sarah M. London highlighted Greco's expertise in consumer marketing as valuable for transforming the health of 28.5 million Americans. Greco currently serves on the boards of Tapestry, Inc., Sabra Dipping Company , and the American Heart Association. He expressed enthusiasm for Centene's commitment to helping members live healthier lives.

Positive

• Appointment of Thomas R. Greco expands the Board of Directors to 11 members
• Greco brings over 40 years of public company leadership experience
• Addition of consumer marketing expertise to support Centene's mission
• Greco's experience in implementing growth strategies and fostering talent development

Negative

• None.

News Market Reaction – CNC

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-0.51% News Effect

On the day this news was published, CNC declined 0.51%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ST. LOUIS, Aug. 15, 2024 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("the Company") announced today that it has appointed Thomas R. Greco to the Centene Board of Directors, effective Aug. 9, 2024. Mr. Greco's term will run through the Company's 2025 annual meeting of stockholders. The appointment of Mr. Greco expands Centene's Board of Directors to 11 members.

Mr. Greco is a seasoned operator and executive who brings more than four decades of public company leadership and expertise to Centene. Over the course of his career, he has implemented growth strategies and fostered talent development and diversity for consumer-focused companies. He most recently served as President and Chief Executive Officer (CEO) of Advance Auto Parts, Inc., a Raleigh-based automotive parts retailer, from 2016 to 2023. Prior to his tenure at Advance Auto Parts, Mr. Greco spent three decades in roles of increasing responsibility at PepsiCo before becoming CEO of Frito-Lay North America in 2011.

"Tom's leadership and expertise, particularly in the area of consumer marketing, will be a valuable addition to the Centene Board as we work to transform the health of 28.5 million Americans," said Centene CEO Sarah M. London. "We are pleased to welcome him to the Board of Directors and look forward to his contributions in support of our members and our mission."

Mr. Greco currently serves on the boards of Tapestry, Inc., a publicly traded, multinational fashion company, the Sabra Dipping Company LLC, a joint venture between PepsiCo and the Strauss Group, and the American Heart Association. A longtime advocate for cardiovascular health, Mr. Greco has been actively involved in several initiatives aimed at enhancing the nutritional profile of consumer products throughout his career.  

"Tom brings a unique combination of energy, leadership experience and consumer focus to apply to the healthcare industry," said Chairman of the Board Frederick H. Eppinger.  

"I'm passionate about Centene's commitment to help its members live healthier lives," said Mr. Greco. "It is an honor to join the Board of Directors and apply my skills to help advance the Company's mission."

About Centene Corporation 
Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace and the TRICARE program. The Company also contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. Centene focuses on long-term growth and value creation as well as the development of its people, systems and capabilities so that it can better serve its members, providers, local communities and government partners.     

Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, http://investors.centene.com/.  

Forward-Looking Statements
All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). Centene Corporation and its subsidiaries (Centene, the Company, our or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. In particular, these statements include, without limitation, statements about expected contract start dates and terms, our future operating or financial performance, market opportunity, competition, expected activities in connection with completed and future acquisitions and dispositions, our investments and the adequacy of our available cash resources. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this press release are based on information available to us on the date hereof. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events, or otherwise, after the date hereof. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: our ability to design and price products that are competitive and/or actuarially sound including but not limited to any impacts resulting from Medicaid redeterminations; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates; competition, including for providers, broker distribution networks, contract reprocurements and organic growth; our ability to adequately anticipate demand and provide for operational resources to maintain service level requirements; our ability to manage our information systems effectively; disruption, unexpected costs, or similar risks from business transactions, including acquisitions, divestitures, and changes in our relationships with third parties; impairments to real estate, investments, goodwill, and intangible assets; changes in senior management, loss of one or more key personnel or an inability to attract, hire, integrate and retain skilled personnel; membership and revenue declines or unexpected trends; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; changes in healthcare practices, new technologies, and advances in medicine; our ability to effectively and ethically use artificial intelligence and machine learning in compliance with applicable laws; increased healthcare costs; inflation and interest rates; the effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress; changes in market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder; uncertainty concerning government shutdowns, debt ceilings or funding; tax matters; disasters, climate-related incidents, acts of war or aggression or major epidemics; changes in expected contract start dates; changes in provider, broker, vendor, state, federal and other contracts and delays in the timing of regulatory approval of contracts, including due to protests; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare or other customers); the difficulty of predicting the timing or outcome of legal or regulatory audits, investigations, proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices on acceptable terms, or at all, or whether additional claims, reviews or investigations will be brought by states, the federal government or shareholder litigants, or government investigations; challenges to our contract awards; cyber-attacks or other data security incidents; or our failure to comply with applicable privacy, data or security laws and regulations;  the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the terms of our contracts and the undertakings in connection with any regulatory, governmental, or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price, or accretion for acquisitions or dispositions; losses in our investment portfolio; restrictions and limitations in connection with our indebtedness; a downgrade of our corporate family rating, issuer rating or credit rating of our indebtedness; the availability of debt and equity financing on terms that are favorable to us and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission (SEC). This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs.

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SOURCE CENTENE CORPORATION

FAQ

Who is Thomas R. Greco and when was he appointed to Centene's Board of Directors?

Thomas R. Greco is a seasoned executive with over 40 years of public company leadership experience. He was appointed to Centene 's (NYSE: CNC) Board of Directors effective August 9, 2024.

What is Thomas R. Greco's background and previous experience?

Thomas R. Greco most recently served as President and CEO of Advance Auto Parts from 2016 to 2023. Before that, he spent three decades at PepsiCo, eventually becoming CEO of Frito-Lay North America in 2011.

How long will Thomas R. Greco's term on Centene's Board of Directors last?

Thomas R. Greco's term on Centene's Board of Directors will run through the company's 2025 annual meeting of stockholders.

What specific expertise does Thomas R. Greco bring to Centene's Board?

Thomas R. Greco brings expertise in consumer marketing, implementing growth strategies, and fostering talent development and diversity. His experience is expected to be valuable in transforming the health of Centene's 28.5 million members.