Thomas O. Pyle Joins PolyMedica's Board of Directors
PolyMedica Corporation today announced the appointment of Thomas O. Pyle to its Board of Directors. Pyle has over 30 years of experience in the healthcare field, having served as Chief Executive Officer of both Harvard Community Health Plan (HCHP) and MetLife HealthCare. He joins PolyMedica's Board as an outside director and will serve on the Audit and Compensation Committees.
WOBURN, MA (PRWEB) July 1, 2004 -- "We are very pleased to add Tom to the Company's Board of Directors," said PolyMedica Chairman and Chief Executive Officer Samuel L. Shanaman. "Tom's experience is virtually unmatched in our industry, and he will bring a wealth of new knowledge and insight to the Board. His industry perspective will be vital to PolyMedica, as the Company continues to grow and explore new strategic initiatives. Additionally, Tom's expertise in the health policy field will be an extremely valuable asset to the Company."
Pyle built HCHP into one of the nation's largest non-profit healthcare organizations. Its membership was 18,000 when he joined HCHP in 1972, and during his tenure as Chief Executive Officer from 1978 to 1991 the plan grew from 80,000 to 525,000 members. In 1993, Pyle became Chief Executive Officer of MetLife HealthCare and oversaw the combination of the MetLife insurance business with that of Travelers, creating METRA, then the largest company in healthcare with approximately $15 billion in sales.
"I'm looking forward to serving on the PolyMedica Board and working with its accomplished group of directors and leadership team. PolyMedica is an exciting company with a great deal of potential. I'm confident I can help PolyMedica in its continued growth and as it navigates our increasingly complex healthcare environment."
Pyle, 64, also has significant experience in the field of health policy, having served on the President's Task Force on Healthcare Reform, and as Chairman of the Jackson Hole Group and the national and Massachusetts HMO trade organizations.
Pyle has served as a director of numerous public companies. He is a former board member of Lincare Holdings, Millipore Corporation, AMISYS Health Systems Inc., UniLab Corporation, and KBL Healthcare Acquisition Corporation. He currently serves as a director of Mykrolis Corporation. He has also sat on the boards of several private and non-profit groups, including Medical Education for South African Blacks, Pioneer Institute, eMed Technologies, and Chickering Group. In addition, he was the founding chairman of Controlled Risk Insurance Co., the malpractice insurance company that insures all of the Harvard Medical School faculty and the Harvard-affiliated medical institutions.
Pyle holds an M.B.A. from Harvard Graduate School of Business Administration.
About PolyMedica (http://www.polymedica.com)
PolyMedica is a rapidly growing national medical products company. The Company is best known through its Liberty brand name and innovative direct-to-consumer television advertising to seniors with diabetes. Building on its technology-based operating platform and compliance management focus, PolyMedica continues to expand its product offerings in chronic disease and other categories.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, rules and regulations promulgated under the Act, unanticipated changes in Medicare reimbursement, outcomes of government reviews, inquiries and investigations and related litigation, continued compliance with government regulations, fluctuations in customer demand, management of rapid growth, competition from other healthcare product vendors, timing and acceptance of new product introductions, general economic conditions, geopolitical events and regulatory changes, as well as other especially relevant risks detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended March 31, 2003 and its Quarterly Reports on Form 10-Q for the periods ended June 30, 2003, September 30, 2003 and December 31, 2003. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this press release.
CONTACT: (Investors)
PolyMedica Corporation
Fred ("Skip") Croninger, 781/933-2020
or (Media)
Citigate Sard Verbinnen
Denise DesChenes/Jim Barron
212/687-8080
SOURCE: PolyMedica Corporation
Also Visit Liberty Medical (http://www.LibertyMedical.com), A PolyMedica Corporation
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