GRANCARE ELECTS EDWARD V. (NED) REGAN TO BOARD
CULVER CITY, Calif., Jan. 20 /PRNewswire/ -- GranCare Inc. (NASDAQ: GRNC) today announced that former New York State Comptroller Edward V. (Ned) Regan has been elected to its board of directors, succeeding Cyrus Samrad, who resigned. Regan, 63, served as New York's state comptroller from 1978 to 1992. In that position, he accomplished a major reform of the state's accounting, financial reporting and borrowing systems. He invested the state's pension funds, which grew from $10 to $57 billion, eliminating taxpayer contributions during his tenure and developed nationally known corporate governance and performance analysis systems. He is currently president and chief administrative officer of the Jerome Levy Economics Institute, a non-partisan research center generating public policy alternatives through the study of economics. The institute is located at Bard College, Annandale-on-Hudson, N.Y. "We welcome Ned Regan to GranCare's board of directors and believe his breadth of business experience will add great value to our company going forward," said Gene E. Burleson, GranCare president and chief executive officer. "At the same time, we are grateful to Cyrus for the wise counsel and guidance he has provided GranCare and its board since the earliest days of this company," he added. Regan holds a juris doctor degree cum laude from the State University of New York and a bachelor of arts degree from Hobart College in Geneva, N.Y. He teaches at New York University's Stern Graduate School of Business and has taught university courses in government for many years. He served as an intelligence officer in the U.S. Navy. GranCare currently operates 83 long-term health care facilities located in California, Michigan, Wisconsin, Colorado, Arizona and South Dakota, and offers a broad range of specialty medical services. -0- 1/20/94 /CONTACT: Gene E. Burleson of GranCare, 310-645-1555; or Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300/ (GRNC)
CO: GranCare Inc. ST: California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). IN: HEA SU: PER
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