MedCath Announces Art Parker to Retire as President and CEO

CHARLOTTE, N.C., Nov. 19, 2012 /PRNewswire/ -- MedCath Corporation announced today that Art Parker will retire as president, CEO and as a member of the Board of Directors effective Monday, December 17, 2012. MedCath CFO, Lora Ramsey, will become the new president while retaining the CFO title.  Ramsey joined MedCath in 2006 and has served as CFO since 2011.

Parker joined MedCath as treasurer in 2001, after serving in various positions at Bank of America. Parker became CFO in 2009 and has been MedCath's president and CEO since 2011. Under his leadership, MedCath completed its Strategic Options Review that began in 2010, which included selling the assets or MedCath's ownership interest in 10 hospitals, selling its MedCath Partners division, paying off $75 million in long-term debt and making two distributions to stockholders prior to the filing of MedCath's Articles of Dissolution on September 21, 2012.

"I would like to thank all current and former members of the MedCath team," Parker said. "Under difficult circumstances they've maintained a commitment to seeing this project through, and the outcome has been value-added to MedCath stockholders.  I would also like to thank the Board of Directors for giving me this opportunity. I look forward to taking some personal time before beginning to consider my next professional step."

About MedCath

MedCath Corporation, headquartered in Charlotte, N.C., was a health care provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. Having now divested all of its hospitals and filed for dissolution, MedCath is focused on realizing the value of its remaining immaterial assets, making tax and regulatory filings, winding down its business affairs, managing its known and unknown contingencies, and seeking to make distributions, if any, to its stockholders as part of its plan of dissolution.

SOURCE MedCath Corporation