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Cano Well being shareholders reelected Dr. Alan Muney and Kim Rivera to the corporate’s board Thursday, a win for Dr. Marlow Hernandez, the embattled CEO of the first care firm.
The reelection thwarts the plan of three former Cano administrators who requested shareholders to withhold help for Muney and Rivera. In March, Barry Sternlicht, a billionaire actual property investor; Dr. Lewis Gold, co-founder of Sheridan Healthcare; and Elliot Cooperstone, managing companion of InTandem Capital Companions, resigned from the Cano board and known as for Hernandez’s removing.
The three former administrators, who maintain 35.7% of Cano’s shares, contended that Hernandez has mismanaged the corporate and claimed different administrators excluded them from conversations. By making an attempt to get shareholders to withhold help for Muney and Rivera, the three stated they needed to ship a “clear message” to Hernandez and different administrators.
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The three ex-directors additionally sought to reopen the nomination window for administrators by submitting a preliminary injunction with Delaware Court docket of Chancery final Friday to stop Cano from conducting the annual assembly of stockholders. That movement was denied.
In an emailed assertion, Cano Well being Chairman Solomon Trujillo acknowledged there was a major “withhold” vote however expressed help for Muney and Rivera. He stated Sternlicht, Gold and Cooperstone have misrepresented occasions and accused them of getting a self-serving agenda.
An organization spokesman declined to offer particulars on the vote, saying it might be included in a regulatory submitting.
A spokesperson for the threeex-directors didn’t instantly reply to a request for remark.
Trujillo, a communications govt and serial investor who has served as an unbiased director since 2021, was named Cano’s chairman in April. Hernandez stayed on as a director.
In Might, the corporate stated it intends to concentrate on its Medicare Benefit enterprise and promote non-core property. In a press release launched after the assembly, Trujillo stated the board is directing its power to executing that technique. Among the many former administrators’ complaints was the corporate’s unwillingness to promote non-core property.
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