SIERRA TUCSON COMPANIES INC. ANNOUNCES RESTRUCTURING
SIERRA TUCSON COMPANIES INC. ANNOUNCES RESTRUCTURING TUCSON, Ariz., June 1 /PRNewswire/ -- Sierra Tucson Companies Inc.
(NASDAQ: STSN) today announced an organizational restructuring to improve operational performance. This action is part of a plan to continue providing the best patient care available, maximizing utilization at the domestic treatment facility and improving the financial performance of the company. The organizational changes should improve patient-service relationships, expense and personnel utilization controls and delivery and development of addictive disease programs in both payor-driven and self pay markets.
The company has enacted management and administrative changes resulting in a reduction of the work force at the Tucson facility. This reorganization will result in annualized savings of more than $1 million. The financial details will be included in the second quarter earnings report. As part of the reorganization, Judy S. McCaleb has resigned as vice president of corporate development and as a member of the board of directors. In another operational development, George Nash, M.D., resigned and James Graham, M.D., has been appointed the new medical director of Sierra Tucson Companies Inc. William T. O'Donnell, Jr., chief executive officer and chairman of the board, said, "1992 continues to be a year of challenges. Our commitment to provide the highest quality patient treatment available is our No. 1 priority. This reorganization provides us an improved framework to focus management's attention more directly on the day-to- day issues of running our treatment programs. This reorganization will also enhance our ability to deal effectively with the external conditions that are impacting our industry." -0- 6/1/92 /CONTACT: John H. Schmitz, executive VP, or Jim Rianoshek, investor relations, of Sierra Tucson, 602-792-5800/ (STSN) CO: Sierra Tucson Companies Inc. ST: Arizona IN: HEA SU: RCN PER
CH -- LA015 -- 5640 06/01/92 11:19 EDT
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|Date:||Jun 1, 1992|
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