Near the end of May, Joseph Flanagan will join Chicago-based Accretive Health as its chief operating officer.
Flanagan, 41, comes to Accretive Health from Applied Materials, Northlake, Ill., where he was senior VP of worldwide operations and supply chain, though he has spent most of his career in various leadership roles at General Electric.
“Joe has a breadth of operational experience that will help ensure Accretive Health delivers exceptional results for our clients,” Stephen Schuckenbrock, president and CEO of Accretive Health, said in a release. “Our rapid growth in the healthcare industry requires the kind of innovation, leadership and business-building skills that Joe brings to the team.”
Flanagan will report to Schuckenbrock, who is also a new addition to Accretive. Formerly president of Dell Services, Schuckenbrock was named president and CEO of the company earlier this month.
Flanagan's contract calls for a base salary of $595,000 with an opportunity to double that sum with a performance bonus, as well as a $400,000 signing bonus, according to a filing with the Securities and Exchange Commission.
Mary Tolan, who stepped down last month as president and CEO, will get paid $731,000 a year as a non-executive chairman, according to the filing. Senior vice president Gregory Kazarian will leave the company at the end of May, the company said.
Accretive separately reported that the company invoked an exemption under New York Stock Exchange rules to bypass shareholder approval to grant Richard Kimball an option to purchase 1 million shares of its stock over four years at the April 30 closing price, $10.54, in order to recruit him as senior VP and chief strategy officer. Kimball previously was a managing director with Goldman Sachs.
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