2022-04-15 | NYSE: CNC | Press release

ST. LOUIS, April 15, 2022 /PRNewswire/ — The Board of Directors of Centene Corporation (NYSE: CNC) today issued the following statement:

Centene’s Board of Directors has accepted the resignation of Leslie V. Norwalk, Esq. as a member of the board of directors. The Board appreciates Leslie’s contribution to the company and her services.

The Board remains committed to continuing to strengthen the Corporation’s corporate governance practices. Since November 2021the company has implemented significant governance improvements, including the appointment of five new members of the board of directors, the renewal of the chairs of the nominating and governance, audit and remuneration committees, the separation of roles of CEO and chairman, the appointment of a new independent lead director, and the implementation of a mandatory retirement age.

The entire Board is united in its support for the Company’s new CEO, Sarah Londonand its highly experienced and efficient management team, all of whom are focused on executing the company’s value creation strategy.

About Centene Corporation

Centene Corporation, a Fortune 25 company, is a leading healthcare company committed to helping people live healthier lives. The company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, cost-effective services to government-sponsored and commercial healthcare programs, focusing on the underinsured and uninsured. Centene provides affordable, high-quality products to nearly 1 in 15 people nationwide, including Medicaid and Medicare members (including Medicare prescription drug plans) and individuals and families served by the health insurance market, the TRICARE program and people in correctional facilities. The Company also serves several international markets and contracts with other healthcare and commercial organizations to provide a variety of specialized services focused on treating the whole person. Centene is focused on long-term growth and value creation as well as developing its people, systems and capabilities to better serve its members, suppliers, local communities and government partners.

Centene uses its Investor Relations website to post important information about the Company, including information that investors may believe is important. Financial and other information about Centene is published regularly and can be accessed on Centene’s Investor Relations website, https://investors.centene.com/.

Forward-looking statements

All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as “believe”, “anticipate”, “plan”, “expect”, “estimate”, “intend”, “seek”, “target”, “aim”, “may”, “will”, “would”, “could”, “should”, “may”, “continue” and other similar words or expressions (and their negatives). Centene (the company, our or us) intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we include this statement for the purposes of complying with such exemption provisions. In particular, these statements include, but are not limited to, statements about our future operational or financial performance, market opportunities, value creation strategy, competition, planned activities in completed and future acquisitions, including statements about the impact of our recently completed acquisition of Magellan Health (the Magellan Acquisition), other recent and future acquisitions and divestitures, investments and the adequacy of our available cash resources. These forward-looking statements reflect our current beliefs regarding future events and are based on numerous assumptions and assessments we have made in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors. we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change as they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and others that could cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this press release are based on information available to us as of the date hereof. Except as otherwise required by law, we undertake no obligation to update or revise any forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. You should not place undue reliance on forward-looking statements, as actual results may differ materially from projections, estimates or other forward-looking statements due to a variety of important factors, variables and events, including, but not limited to: our ability to Accurately forecast and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates due to the impact of COVID-19; the risk that the election of new directors, changes in senior management and the inability to retain key personnel could create uncertainty or adversely impact our ability to execute quickly and effectively; uncertainty about the expected financial performance of the combined company following the recent completion of the acquisition of Magellan; the possibility that the synergies and value creation expected from the acquisition of Magellan or the acquisition of WellCare (or other acquired businesses) may not be realized, or may not be realized within the respective expected time frames; the risk that unexpected costs may be incurred in connection with the integration of the Magellan Acquisition or that the integration of Magellan Health may be more difficult or take longer than expected, or similar risks relating to other acquisitions that we may announce or perform from time to time; disruption of the integration of the Magellan Acquisition or the integration of the WellCare Acquisition, or similar risks relating to other acquisitions that we may announce or complete from time to time, including adverse reactions potential or changes in business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; a downgrade in the credit rating of our indebtedness; competition; declines in membership and revenue or unexpected trends; changes in healthcare practices, new technologies and advances in medicine; rising health care costs; changes in economic, political or market conditions; changes in federal or state laws or regulations, including changes relating to income tax reform or government health care programs, as well as changes relating to the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act (collectively referred to as the ACA) and any regulations passed thereunder that may result from changing political conditions, new administration, or legal actions; rate reductions or other reductions or delays in payment by government payers and other risks and uncertainties affecting our government operations; our ability to price products correctly; tax issues; disasters or major epidemics; changes in expected contract start dates; changes in supplier, state, federal, foreign and other contracts and the timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE, or other customers); difficulty in predicting the timing or outcome of legal or regulatory proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by States regarding past practices, including including at Envolve Pharmacy Solutions, Inc. (Envolve), as an affiliate of our Pharmacy Benefit Manager (PBM), within the reserve estimate recorded by us and on other acceptable terms, or not at all, or if further claims, reviews or investigations related to our PBM business will be brought by states, federal or shareholder litigants, or government investigations; the timing and extent of the benefits of strategic value creation initiatives, including the possibility that such initiatives will not succeed or be realized on schedule; challenges to our contract awards; cyberattacks or other privacy or data security incidents; the effort of management’s time and our resources, and other expenses incurred and business changes necessary to comply with commitments related to any regulatory, governmental or third-party consent or approval for acquisitions; changes in expected closing dates, estimated purchase price and increase in acquisitions; the risk that acquired businesses will not be successfully integrated; restrictions and limitations relating to our indebtedness; our ability to maintain or improve Centers for Medicare and Medicaid Services (CMS) star ratings and maintain or improve other quality scores in each case, which may impact revenue and growth future; the availability of debt and equity financing, on terms favorable to us; inflation; foreign currency fluctuations and the risks and uncertainties discussed in Centene’s reports filed with the Securities and Exchange Commission. This list of important factors is not intended to be exhaustive. We discuss some of these matters, as well as certain other factors that could affect our business, financial condition and results of operations, in greater detail in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Because of these important factors and risks, we can give no assurance as to our future performance, including, without limitation, our ability to maintain adequate premium levels or our ability to control our future medical and sales, general and administrative.

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SOURCE Centene Corporation