CorVel Announces Retirement of V. Gordon Clemons
CorVel (NASDAQ: CRVL) announces the retirement of founder V. Gordon Clemons from his position as Chairman and member of the Board of Directors, effective November 26, 2024, after 37 years of service. Michael G. Combs, the company's President and CEO, has been appointed as the new Chairman of the Board. Clemons, who founded CorVel in 1988 and served as Chairman since its 1991 IPO, will continue to serve as an outside consultant to Combs, maintaining an advisory role he has held since 2017.
CorVel (NASDAQ: CRVL) annuncia il ritiro del fondatore V. Gordon Clemons dalla sua posizione di Presidente e membro del Consiglio di Amministrazione, con effetto dal 26 novembre 2024, dopo 37 anni di servizio. Michael G. Combs, il Presidente e CEO dell'azienda, è stato nominato nuovo Presidente del Consiglio. Clemons, che ha fondato CorVel nel 1988 e ha ricoperto la carica di Presidente dal suo IPO nel 1991, continuerà a servire come consulente esterno per Combs, mantenendo un ruolo di consulenza che ricopre dal 2017.
CorVel (NASDAQ: CRVL) anuncia la jubilación del fundador V. Gordon Clemons de su posición como Presidente y miembro de la Junta Directiva, a partir del 26 de noviembre de 2024, después de 37 años de servicio. Michael G. Combs, el Presidente y CEO de la empresa, ha sido nombrado nuevo Presidente de la Junta. Clemons, quien fundó CorVel en 1988 y ha sido Presidente desde su IPO en 1991, continuará como consultor externo para Combs, manteniendo un rol de asesoría que ha ocupado desde 2017.
CorVel (NASDAQ: CRVL)는 창립자 V. Gordon Clemons이 37년의 서비스 끝에 2024년 11월 26일부로 의장 및 이사회의 일원에서 은퇴한다고 발표했습니다. 회사의 사장 겸 CEO인 Michael G. Combs가 새로운 이사회 의장으로 임명되었습니다. 1988년 CorVel을 설립하고 1991년 상장 이후 의장직을 맡아온 Clemons는 2017년부터 유지해온 자문 역할을 계속해서 Combs에게 맡기로 결정했습니다.
CorVel (NASDAQ: CRVL) annonce le départ à la retraite de son fondateur V. Gordon Clemons de son poste de Président et membre du Conseil d'Administration, à compter du 26 novembre 2024, après 37 ans de service. Michael G. Combs, le Président et CEO de l'entreprise, a été nommé nouveau Président du Conseil. Clemons, qui a fondé CorVel en 1988 et a été Président depuis son introduction en bourse en 1991, continuera à servir en tant que consultant externe pour Combs, maintenant un rôle de conseiller qu'il a occupé depuis 2017.
CorVel (NASDAQ: CRVL) gibt die Pensionierung des Gründers V. Gordon Clemons von seiner Position als Vorsitzender und Mitglied des Vorstands bekannt, die am 26. November 2024 wirksam wird, nach 37 Jahren im Dienst. Michael G. Combs, der Präsident und CEO des Unternehmens, wurde zum neuen Vorsitzenden des Vorstands ernannt. Clemons, der CorVel 1988 gegründet hat und seit dem IPO im Jahr 1991 Vorsitzender war, wird weiterhin als externer Berater für Combs tätig sein und seine beratende Rolle, die er seit 2017 innehat, fortführen.
- Smooth leadership transition with current CEO taking Chairman role
- Founder remains available as consultant, ensuring continuity
- None.
Insights
The retirement of founder V. Gordon Clemons marks a significant leadership transition, but the impact on operations should be minimal given the planned succession. The appointment of Michael Combs, who has been working closely with Clemons since 2017, ensures continuity in strategy and vision. The 37-year legacy of Clemons includes establishing strong fiscal practices and technological innovation focus that have contributed to CorVel's market cap growth to
The retention of Clemons as an outside consultant and the endorsement from major stockholder Jeff Michael indicate a well-orchestrated transition. The company's conservative financial approach and internal growth strategy are likely to continue under Combs' leadership, maintaining stability for investors.
FORT WORTH, Texas, Nov. 29, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announces V. Gordon Clemons is electing to retire as a member of the Company’s Board of Directors (the “Board”) and as Chairman of the Board, effective November 26, 2024, after 37 years of service. Clemons founded CorVel Corporation in 1988 and has served as Chairman of the Board since the Company went public in 1991. Effective upon Clemons’ retirement, Michael G. Combs, the Company’s President and Chief Executive Officer, was appointed as the new Chairman of the Board. Clemons has been an advisor to Combs since 2017, and he will continue to be available to Combs as an outside consultant.
“Building CorVel has been a labor of love. Working together to “make a difference” in healthcare has created so many wonderful relationships, of which I will be forever grateful,” said Clemons.
“In 1987, my father, Jim Michael, met Gordon and recognized his passion and vision for building a successful enterprise,” said Jeff Michael, a leading stockholder and Director. “What started as an idea has developed into something quite remarkable, all thanks to Gordon's determination and ability to turn vision into reality. His innovative thinking and drive laid the foundation for what has become a thriving organization. It has been an honor to witness this journey and support the incredible legacy that Gordon has created. I am grateful for his leadership and am confident that the executive team is deeply committed to continuing the tradition of innovation, excellence, and vision that has characterized CorVel under Gordon's guidance.”
“In reviewing CorVel's achievements, we cannot overlook the significant impact of Gordon's vision, leadership, and dedication,” said Combs. “As the founder of CorVel, Gordon committed to technological innovation, conservative fiscal practices, entrepreneurship, exceptional service, internal growth and opportunity, and a vision to make a meaningful difference in the market. These principles have formed the foundation of our success, and his legacy will continue to inspire and guide the organization as we move forward.”
Combs continued, “Gordon established an organizational structure that enabled advancement throughout the Company. He set the strategic direction, acquired companies, and formed partnerships to expand our capabilities while providing guidance. His influence leaves an indelible impact on our organization, and we deeply appreciate his passion, foresight, and belief in CorVel's potential.”
Forward-Looking Statements
This Press Release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. All statements included in this Press Release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, the transition of the Chairman role and composition of the Board. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement results of operations and financial condition is greater than our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this Press Release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. The forward-looking statements in this Press Release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
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