Coastal Physician Group establishes Shareholder Value Committee to evaluate options.DURHAM, N.C.--(BUSINESS WIRE)--Oct. 24, 1996-- Henry J. Murphy appointed interim president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. -- Coastal will explore the sale of the entire company while continuing to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. non-core assets to meet its bank publications Coastal Physician Group Inc. (NYSE NYSE See: New York Stock Exchange : DR) announced that on Oct. 14, 1996 the board of directors unanimously approved the establishment of a Shareholder Value Committee consisting entirely of independent non-management directors to consider and recommended to the full Coastal Board the best available means for enhancing shareholder value. Coastal shareholders approved a non-binding resolution A non-binding resolution is a written motion adopted by a deliberative body that cannot progress into a law. The substance of the resolution can be anything that can normally be proposed as a motion. at the company's 1996 annual meeting held on Sept. 27 calling on the Board to immediately establish the Shareholder Value Committee. In addition, Coastal's Board of Directors announced that it has appointed Henry J. Murphy, a Board member, as interim president and chief executive officer, replacing Joseph G. Piemont, who provided the Company with a notice of termination of employment "Fired" and "Firing" redirect here. For other uses, see Fired (disambiguation) and Firing (disambiguation). “Gross misconduct” redirects here. For the ice hockey term, see Penalty (ice hockey). , effective Oct. 21, 1996. A committee led by the company's chairman, Jacque J. Sokolov, M.D. and Steven M. Scott, M.D., a Coastal Board member, has been formed to search for a new, permanent president and chief executive officer. Mr. Murphy, age 60, served as the managing director of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Corporate Recovery Services of Arthur Anderson Arthur Anderson may refer to:
"Coastal's businesses continue to be viable competitors in the marketplace. This new Shareholder Value Committee recognizes the importance of evaluating all possible alternatives to enhance Coastal's value for our shareholders, including a sale of the entire Company," said Jacque J. Sokolov, M.D., Chairman of the Board of Coastal Physician Group. "Most important is the fact that Coastal needs to simultaneously maintain value for all of our shareholders -- our customers, employees, physicians, patients and shareholders -- continuing the turnaround efforts and remaining committed to improving our operations and reducing our bank obligations. The board looks forward to working with Mr. Murphy to accomplish our objectives." Separately, Norman H. Chenven, M.D., resigned from Coastal's Board of Directors due to other business commitments and time constraints In law, time constraints are placed on certain actions and filings in the interest of speedy justice, and additionally to prevent the evasion of the ends of justice by waiting until a matter is moot. . Dr. Chenven said he regretted having to step down at a time when the Board was coming together to pursue common objectives. Coastal Physician Group, Inc. is a diversified diversified (di·verˑ·s physician management company providing a broad range of health care and administrative services to physicians, hospitals, employers, managed care programs and other health care providers. CONTACT: Coastal Physician Group, Inc., Durham Robert P. Borchert, 919/383-0355 |
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