Health Net Names Mark El-Tawil Chief Senior Products Officer
Health Net, Inc. (NYSE:HNT) today announced that it has named Mark El-Tawil, 41, its new chief senior products officer effective Monday, November 20, 2006. El-Tawil succeeds Sam Srivastava. El-Tawil currently heads the company’s Arizona health plan. Srivastava, 39, has resigned.
“Mark has done a remarkable job turning Arizona around, helped by the plan’s success in Medicare,” said Jay M. Gellert, president and chief executive officer of Health Net. “His management expertise and knowledge of Medicare make him the ideal person to lead our Medicare efforts going forward,” Gellert added.
“We know that Sam wanted to return to the East coast. We thank him for his leadership as we expanded into Part D and, for 2007, the private fee-for-service market. We wish him the best in the future,” Gellert explained.
The company noted that El-Tawil will report to Steven H. Nelson, president of Health Net of the Northeast.
“Prior to assuming his leadership role as president of the Northeast, Steve led our senior products group. In addition, he brings a broad and deep understanding of the senior market from roles at other health plans,” Gellert noted.
El-Tawil will retain responsibility for the company’s Arizona health plan until a permanent replacement is selected.
About Health Net
Health Net, Inc. is among the nation’s largest publicly traded managed health care companies. Its mission is to help people be healthy, secure and comfortable. The company’s HMO, POS, insured PPO and government contracts subsidiaries provide health benefits to approximately 6.6 million individuals in 27 states and the District of Columbia through group, individual, Medicare, Medicaid and TRICARE and Veterans Affairs programs. Health Net’s behavioral health subsidiary, MHN, provides behavioral health, substance abuse and employee assistance programs (EAPs) to approximately 7.3 million individuals in various states. The company’s subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.
For more information on Health Net, Inc., please visit the company’s Web site at www.healthnet.com.
Cautionary Statements
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words “believes,”"anticipates,”"plans,”"expects,”"may,”"should,”"could,”"estimate,”"intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, rising health care costs, negative prior period claims reserve developments, trends in medical care ratios, issues relating to provider contracts, litigation costs, operational issues, health care reform and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release.