TUCSON, Ariz., May 8, 2013 /PRNewswire/ -- The Providence Service Corporation (Nasdaq: PRSC), a leader in home and community based social services and non-emergency transportation services management, today announced that Warren Rustand has been appointed Chief Executive Officer effective May 7, 2013. Mr. Rustand has served as interim Chief Executive Officer since November 2012.
"Warren has overseen a smooth and constructive transition of Providence's management team over the last six months, and the Board is pleased that he has agreed to continue as full-time Chief Executive Officer," said Chris Shackelton, Chairman of the Board. "Warren's extensive experience with public, private and not-for-profit organizations makes him an ideal candidate to lead Providence in today's changing healthcare landscape. With an unwavering dedication to high-quality care for the individuals, families and communities we serve, the Board is confident that Warren and the rest of the Providence team will drive meaningful shareholder value over the coming years."
Mr. Rustand has served as a director of Providence since May 2005 and as lead director from January 2007, until his appointment as Interim Chief Executive Officer in November 2012. Mr. Rustand has served as a director for over 40 public, private and not-for-profit organizations ranging from multibillion dollar public companies, to early stage and startup companies.
"I'm honored to continue to serve as Providence's Chief Executive Officer and to lead its talented management team that is committed to realizing operating efficiencies, profitable growth and ensuring the highest standard of care in our industry, which is delivered by the exceptional people of Providence," said Mr. Rustand.
The Providence Service Corporation provides or manages the delivery of home and community based social services and NET management services to primarily government sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections. Providence is unique in that it provides or manages social services primarily in the client's own home or in community based settings rather than in hospitals or other treatment facilities, and provides its NET management services through local transportation providers rather than an owned fleet of vehicles. The Company provides a range of services through its direct entities to approximately 54,500 clients through 649 active contracts at March 31, 2013, with an approximate 16.8 million individuals eligible to receive the Company's non-emergency transportation services. The Company had over $1.1 billion in revenues in 2012.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "demonstrate," "expect," "estimate," "forecast," "anticipate," "should" and "likely" and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to the global credit crisis, capital market conditions, the implementation of the healthcare reform law, state budget changes and legislation and other risks detailed in Providence's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2012. Providence is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
SOURCE The Providence Service Corporation