TUCSON, Ariz., Dec. 21 The Providence Service Corporation (Nasdaq: PRSC) today announced that it has hired Leamon A. Crooms III as its Chief Strategy Officer, effective February 1, 2010. Mr. Crooms, an expert in strategy development, comes to the Company with 15 years of experience executing significant strategic assignments at crucial times in world class organizations.
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Leamon Crooms, age 47, provided strategic input and led new market strategies for Federal Express, Eckerd Health Services, Bed, Bath and Beyond, General Electric and Hewlett Packard while with consulting companies Cap Gemini Ernst & Young and Bearing Point (formerly KPMG). Most recently he was Chief Advisor of Strategic Growth Advisors, a business advisory firm that he founded. Mr. Crooms has a BA from the University of California, Davis and an MBA from the University of Arizona-Eller School of Business.
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"Historically Providence has relied exclusively on our decentralized field offices for our growth initiatives," said Fletcher McCusker, Chairman and CEO. "With so much rapidly happening in the industry at a national level, we wanted someone with an experienced strategic background to help pull all of our efforts together. To have someone of Leamon's caliber and credentials join our company is truly a significant achievement."
Mr. Crooms will be responsible for directing the Company's strategic development effort designed to enhance organic growth, particularly given the major changes expected in the marketplace due to the new initiatives in government spending, particularly Medicaid, job development, Department of Defense mental health initiatives and the continued expansion of home based care and non emergency transportation. He will identify new markets and new opportunities, develop and execute business and marketing plans and assist the field offices in initiating strategies designed to align local operations with rapidly developing funding resources.
About Providence
The Providence Service Corporation, through its owned and managed entities, provides home and community based social services and non-emergency transportation services management to government sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections. Providence does not own or operate beds, treatment facilities, hospitals or group homes, preferring to provide services in the client's own home or other community setting. The Company provides a range of services through its direct and managed entities to over 74,000 clients through 843 active contracts at September 30, 2009, with an estimated 7.3 million individuals eligible to receive the Company's non-emergency transportation services. Combined, the Company has a nearly $1 billion book of business including managed entities.
Forward-Looking Statements
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," "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, 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, 2008. 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
