TORONTO, ON – March 16, 2021 – Skylight Health Group Inc. (TSXV:SHG; OTCQX:SHGFF) (“Skylight Health” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce Patrick McNamee as new Skylight Health Chairman of the Board. Mr. McNamee succeeds Norton Singhavon who will remain involved as an active member of the Board.
Mr. McNamee has previously acted as EVP and COO of Express Scripts (NASDAQ:ESRX), where he led all major activities of the $120B+ technology-driven pharmacy benefit management company. He was instrumental in leading the company’s organic and acquisitive growth from $3B in revenue to more than $120B achieving an average of 27% EPS growth over his 9-year tenure. With 33,000 employees, a $2.9B budget and 120M customers, he led the delivery of 110M mail order prescriptions while processing 1.5B retail claims annually. Patrick brought a strategic and operational perspective to this young company. He led the successful integration of the $4B WellPoint NextRx acquisition and the $29B Medco acquisition delivering over $4B in synergies. Leveraging global talent and technology, combined with strategic innovation and global sourcing, Patrick built a suite of products and services resulting in market cap growth from $6B to more than $50B. He also served as CEO for the $1.3B specialty distribution business growing at 20% annually. Frequent communication with investors and legislators helped pave the way for growth and share price appreciation.
Most recently, Mr. McNamee agreed to a turn-around role as President and CEO, Health Insurance Innovations (NASDAQ:HIIQ), a health insurance developer and distributor. He led a significant and fast turnaround of this company after a rough IPO. Share price increased from $4 to $58 in 23 months.
“I feel very privileged to take on this role during such an exciting shift in our industry – the needs of patients, doctors, payors and insurance providers are changing rapidly. Skylight Health is leading these changes in thoughtful and innovative ways which will benefit all its stakeholders for years to come,” said McNamee.
“Patrick has a long history of strategic leadership, and deep experience and results in healthcare products and equipment services, global manufacturing and health insurance,” says Prad Sekar, Co-Founder and CEO. “He has developed products and service businesses that have resulted in significant value creation. This leadership appointment is part of a rigorous and comprehensive nomination and board ratification process, and we feel honored to have found such an ideal person. We thank Norton for all his contributions during his time as Chairman and look forward to his involvement and insight as a board member.”
“It has been an honour to serve as Chairman of Skylight Health and I am very proud of the work we continue to do as one of the leading multi-speciality healthcare systems in the United States,” says Norton Singhavon. “I look forward to watching Skylight thrive under the strength of Patrick as Chairman and will remain a committed and active member of the Board under his leadership and guidance.”
Mr. McNamee recently served on the board of HDSupply (HDS) which was acquired by The Home Depot (HD) in Jan of 2021. He currently serves as an Operating Partner for Beecken Petty O’Keefe (BPOC). With BPOC, he serves on the boards of Maxor National Pharmacy Services, Zenith American and Health-E Commerce. Mr. McNamee holds a Master of Science in Electrical Engineering and Computer Sciences from Marquette University, and a Bachelor of Science in Biomedical Engineering from Marquette University.
Additionally, the Company has issued 45,900 options to McNamee, 45,900 options to Board Member, Grace Mellis and 220,000 to certain contactors at yesterday’s closing price of $1.30 as part of its employee stock option plan.