(May 2, 2017) -- Long Beach-based Molina Healthcare, Inc.'s governing board has voted to remove Dr. J. Mario Molina as President and CEO and John C. Molina as Chief Financial Officer. The two will remain directors on the board with Dr. Molina remaining a candidate for re-election as director at the company's upcoming annual meeting, which has been rescheduled from tomorrow (May 3) to next week.(May 10) "to allow stockholders time to consider the information described in this press release" and "additional information that will be set forth in a Form 8-K and proxy supplement to the filed by the Company, and to change their votes if desired."
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A company release today (May 2, text below) quotes Non-Executive Board Chair Dale Wolf as saying, "In light of the Company's disappointing financial performance, the Board has determined to change leadership in order to drive profitability through operational improvements. Dr. Molina and Mr. Molina will remain as directors onthe Board, and Dr. Molina remains a candidate for re-election as director at the company's upcoming annual meeting." The salient portion of the company's release text is below. Molina Healthcare, Inc. (NYSE: MOH) today announced leadership changes, under which Joseph W. White, Chief Accounting Officer, has been named Interim President and Chief Executive Officer replacing Dr. J. Mario Molina. The Board will immediately commence the search process for a permanent CEO. Mr. White has also been named Chief Financial Officer, replacing John C. Molina. In addition, the Board of Directors has named current Director Dale B. Wolf as Non-Executive Chairman of the Board. These changes are effective immediately. Dr. J. Mario Molina and John C. Molina will continue to serve as directors on the Board, and Dr. Molina remains a candidate for re-election as a director at the Company's upcoming annual meeting.
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