, the healthcare revenue cycle
company recently delisted
by the New York Stock Exchange and bruised by legal troubles, announced a search to replace President and CEO Steve Schuckenbrock, who announced his retirement after one year on the job.
Schuckenbrock will finish his contract, which expires in October, the Chicago-based company said in a news release. A former president of Dell Services, Schuckenbrock joined Accretive Health after the company's co-founder and chief executive Mary Tolan stepped down in April 2013. Tolan, who was named Accretive's chairwoman, said months later she would exit that post as well.
Schuckenbrock's employment contract with Accretive Health allowed for six-month renewals after the initial one-year term. He will remain as a company director.
In the past year, the company has hired a new finance chief and new chief operating officer.
The company will seek a successor for Schuckenbrock with healthcare expertise to rebuild the company's growth, according to the release. The announcement follows nearly two years of regulatory troubles and leadership turmoil.
The company was delisted by the New York Stock Exchange last month after failure to restate its finances through 2011. The financial upset came on top of run-ins with the Federal Trade Commission over an alleged security breach and Minnesota's attorney general over allegations of aggressive collection tactics. Accretive Health settled in both cases; the company did not admit or deny FTC allegations and dismissed Minnesota's allegations as “baseless or exaggerated.”
“A year ago we tapped Steve's leadership skills to improve the company's operational execution,” Steve Shulman, who succeeded Tolan as board chairman, said in the release. “He stabilized the company and has been implementing a transformation focused on customers, front-line execution and investment in technology. The existing team has created a clear line of sight to complete the financial restatement and established the strong foundation that will enable the company's continued success under a new CEO.”
Accretive also announced that COO Joe Flanagan, who joined the company aboutoughly a year ago from Applied Materials, Northlake, Ill., would head a newly created transformation office. In that role, he will focus on the company's turnaround, the release said. Follow Melanie Evans on Twitter: @MHmevans