NOVACARE APPOINTS MARRIOTT EXECUTIVE TO NEW POST
NOVACARE APPOINTS MARRIOTT EXECUTIVE TO NEW POST VALLEY FORGE, Pa., Aug. 13 /PRNewswire/ -- NovaCare, Inc.
(NYSE: NOV) today announced the appointment of Francis W. "Butch" Cash as president and chief operating officer and director of NovaCare. Cash was executive vice president of Marriott Corporation and president of the Marriott Service Group.
John H. Foster, chairman and chief executive officer of NovaCare, said, "The four cornerstones of our strategy for consolidating the rehabilitation industry are: heavily invest in management, be customer centered, empower employees and drive efficiencies. The appointment of Butch Cash and the concurrent rationalization of our executive organization are obviously prompted by these four key elements of our strategy." Foster further stated, "Butch brings extensive experience managing service businesses many times the scale of NovaCare. His appointment ensures that NovaCare will have the operating experience and leadership depth necessary for our continued success." Cash held numerous executive positions during his 18-year tenure at Marriott. Most recently, as president of the Marriott Service Group, he was responsible for over $4 billion in sales, roughly half of Marriott Corporation's cash flow, and more than 150,000 employees in four independent businesses. Cash stated, "NovaCare's vision, dynamic management team, exceptional performance and prospects were compelling factors in my decision to join the company. I am looking forward to working closely with John Foster, whose accomplishments in creating the leading-edge rehabilitation services company are widely known." Foster said, "The opportunities available in our contract services businesses will continue to require the complete attention of Arnie Renschler in the newly formalized position of president and general manager of contract services. He remains a member of the board of directors and a member of the office of the chairman. Arnie's efforts and the resulting success of the contract services business were major factors in our record results throughout 1991 and 1992." Reporting to Cash will be C. Arnold Renschler, M.D., president and general manager of contract services; Frederick C. Powell, president and general manager of hospital services, and Jeffrey S. Levitt, president and general manager of orthotic and prosthetic services. Cash will report to John Foster. Timothy E. Foster (no relation), senior vice president and chief financial officer, will continue to report to John Foster. Last week, NovaCare announced record results for the fiscal year ended June 30, 1992. Strong performances in the contract services business contributed to a 52 percent increase in 1992 net revenues to $385 million. Net income for the year was a record 75 cents per share, up 67 percent from fiscal 1991. Before non-recurring expenses, fiscal 1992 net income totaled 83 cents per share, compared to fiscal 1991 net income before non-recurring charges of 52 cents per share. NovaCare, Inc. is the largest provider of contract rehabilitation therapy and orthotic and prosthetic patient care services in the United States. The company also operates seven acute rehabilitation hospitals and seven community integrated programs. -0- 8/13/92 /CONTACT: Susan J. Campbell of NovaCare, 215-650-0841, or Kathryn C. Comba of Noonan/Russo Communications, 212-979-9180, for NovaCare/ (NOV) CO: NovaCare, Inc. ST: Pennslyvania IN: MTC SU: PER
TM -- NY005 -- 9426 08/13/92 07:31 EDT
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|Date:||Aug 13, 1992|
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