Press Release Details
For More Information, Contact:
Lisa DeMoss
Director, Marketing and Communications
(615) 261-1716
ldemoss@spheris.com
For Immediate Release
Spheris Announces Board Resignations
FRANKLIN, Tenn. — July 15, 2008 — Spheris today announced the resignation of two members of its board of directors, both affiliated with Warburg Pincus, to ensure compliance with regulatory requirements resulting from Warburg Pincus' directorships in one of its portfolio companies that may compete to some extent with Spheris. The resignations were not due to any disagreement with Spheris on any matter relating to Spheris' operations, policies, practices or otherwise. Warburg Pincus has a large portfolio of healthcare and technology companies, including Nuance Communications, Inc. which recently acquired eScription, Inc.Effective immediately, Joel Ackerman, general partner of Warburg Pincus & Co. and managing director of Warburg Pincus LLC, and Tenno Tsai, principal of Warburg Pincus LLC, are stepping down from the Spheris board of directors. They will remain involved with Spheris on behalf of Warburg Pincus in its capacity as Spheris' 60% stockholder.
“While we are disappointed that Joel and Tenno will no longer be part of our board of directors, we are confident in the collective strength of our remaining board members,” said Spheris President and Chief Executive Officer Steven E. Simpson. “We are fortunate to have four experienced, independent directors and two equally solid directors from our other equity sponsor, TowerBrook Capital, sharing their expertise and offering sound advice.”
“Even though Warburg Pincus will not be part of the Spheris board of directors, the firm remains committed to its investment in Spheris and to helping the company with future growth opportunities,” said Mr. Ackerman. “We are proud of the four-year relationship we have had with Spheris and look forward to continuing to work with and support the company.”
Spheris' board of directors will continue to be comprised of Jonathan Bilzin, senior managing director of TowerBrook Capital Partners - New York; Robert Z. Hensley, former audit partner of Ernst & Young LLP; John A. Kane, former chief financial officer of IDX Systems Corporation; Michael J. King, former chairman and CEO of HealthScribe, Inc.; Neal Moszkowski, Co-CEO of TowerBrook Capital Partners - New York; Steven E. Simpson, president and CEO of Spheris; and Wayne T. Smith, chairman of the board, president and CEO of Community Health Systems, Inc.
About Spheris Spheris is a leading provider of clinical documentation services and technology to health systems, hospitals and group practices throughout the U.S. Founded by physicians in 1993, Spheris employs a global network of medical language specialists for true 24-hour service, seven days a week, 365 days a year. The proprietary Spheris Clarity™ technology platform integrates the full range of clinical documentation software and hardware into one seamless, customizable system, including embedded speech recognition technologies. The Spheris solution is flexible and scalable to balance the needs of HIM directors, CFOs, IT directors and physicians with an emphasis on verifiable quality, turnaround time, security and pricing. Spheris' worldwide corporate headquarters is located in Franklin, Tenn. For more information, please visit www.spheris.com.