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Nashville, Tennessee (January 8, 2003) - Renal Care Group, Inc. (NYSE: RCI) today announced that Sam Brooks, its chairman, chief executive officer and president, who is 64 years old, plans to retire from his duties as chief executive officer and president no later than December 31, 2003. Mr. Brooks has been asked by the Board of Directors to remain with the company as chairman following the recruitment of a new chief executive officer. Renal Care Group's Board of Directors will retain an executive search firm to assist it in identifying and reviewing internal and external candidates for the chief executive officer position. Renal Care Group announced that its Board of Directors will work to select a new chief executive officer promptly and, in any event, by no later than December 31, 2003.
Dr. Harry R. Jacobson, chairman of Renal Care Group's Nominating and Governance Committee and Vice Chancellor for Health Affairs at Vanderbilt University, said, "The board has been working for some time to develop a succession strategy as Sam Brooks approaches retirement age. Sam's transition to the chairman role and the selection of a new chief executive officer are the first steps in the board's succession plan. We are very pleased that Sam has agreed to continue to devote his full-time efforts as chairman and chief executive officer while we search for a new CEO and that he has agreed to remain as chairman after the board selects a new CEO."
Mr. Brooks said, "I make this move with some mixed emotions. I look forward to being able to spend more time with my family and cutting back on my day-to-day commitments. I will, however, miss my deep day-to-day involvement with the people that make Renal Care Group a great company. When the board identifies a new CEO, I plan to focus on strategic issues for the company and to work to make the transition as smooth as possible. I have confidence that our decentralized management model and the management team we have built will allow Renal Care Group to continue to build on its history of success."
Renal Care Group also announced that it expects earnings per share for the quarter ended December 31, 2002 to exceed the company's previous guidance. Mr. Dirk Allison, chief financial officer of Renal Care Group, said, "Based on our preliminary review of results for the quarter ended December 31, 2002, we expect that the company will report earnings per share of between $0.49 and $0.50 for the quarter compared to our previous guidance of $0.48."
Renal Care Group, Inc. is a specialized dialysis services company that provides care to patients with kidney disease. The Company currently treats more than 20,000 patients in more than 260 owned outpatient dialysis facilities, in addition to providing acute dialysis services to approximately 120 hospitals. Over 6,000 associates provide services across the Company's 27-state network. More information about Renal Care Group, Inc. may be found at www.renalcaregroup.com.
Certain statements in this press release, particularly those of Dr. Jacobson, Mr. Brooks and Mr. Allison constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are usually preceded by words like expect, plan, intend, will and the like. These forward-looking statements reflect management's expectations and are based upon currently available information. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Renal Care Group to differ materially from those expressed in or implied by the forward-looking statements, including risks related to: dependence on executive officers; compliance with health care and other applicable laws; the integration of acquired companies; changes in the Medicare and Medicaid programs; risks related to the drug Epogen (EPO); payment reductions by private insurers, hospitals or managed care organizations; and changes in the health care delivery, financing or reimbursement systems. These and other factors affecting the Company are discussed in more detail in Renal Care Group's reports filed with the Securities and Exchange Commission, including without limitation Renal Care Group's annual report on Form 10-K for the year ended December 31, 2001 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2002, June 30, 2002 and September 30, 2002. Copies of these filings are available from Renal Care Group upon request.
Contact:
R. Dirk Allison
Chief Financial Officer
615.345.5588
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