Full Press Release Details
Hai Tran, Chief Financial
BIOSCRIP APPOINTS THOMAS
PETTIT AS SENIOR VICE PRESIDENT AND
CHIEF OPERATING OFFICER
ELMSFORD, N.Y., July 18, 2014 - BioScrip, Inc. (NASDAQ:
BIOS) (the "Company") today announced that Thomas F. Pettit has been appointed as Senior Vice President and Chief Operating
Officer, effective immediately. Mr. Pettit will succeed Richard Jenkins, a Managing Director at Alvarez & Marsal, who had served
as BioScrip's Interim Chief Operating Officer since November 2013. To ensure a smooth transition, Mr. Jenkins will continue
as a consultant to the Company for a short period of time. Mr. Pettit will report to Rick Smith, the Company's President
and Chief Executive Officer.
Mr. Pettit has nearly 20 years of experience in operational
management across several industries, with expertise in supply chain logistics and improving business processes through the implementation
of lean initiatives. As COO, Mr. Pettit will drive company-wide improvements consistent with strategic plans, including enhancing
efficiencies, optimizing productivity and advancing cash collection.
"We are pleased to have such an accomplished operator
as Tom join BioScrip," said Rick Smith, President and Chief Executive Officer of BioScrip. "Tom's appointment
comes at a pivotal time for us as we strive to build a leadership position in the home infusion industry. With all of our Infusion
locations now on a single operating platform, implementing a lean and efficient structure and processes will be critical to our
success, and Tom's considerable experience and leadership will make him a strong addition to our management team."
Mr. Smith continued, "On behalf of the entire Board and
our management team, I'd like to thank Richard for his contributions to BioScrip over these past eight months as Interim
COO. With his leadership, we have made great strides in integrating the businesses we acquired in 2013 and introducing process
standardization programs to improve operations."
Caldwell Partners assisted BioScrip with its COO search process.
Mr. Pettit most recently served from early 2013 to mid-2014
as Senior Vice President and General Manager of the Supply Chain Solutions business segment of Ryder System, Inc., a logistics
and distribution services provider with annual revenue in excess of $1 billion. While at Ryder, Mr. Pettit helped to grow revenues
and profits, while also expanding margins through lean process improvements. From 2008 to 2013, he served as Vice President of
Global Operations at Pentair, Inc., a commercial and residential water products and services company, during which he developed
and executed the Company's global operations footprint strategy, strengthened supply chain management, and improved customer
and shareholder results through lean initiatives. Prior to joining Pentair, Mr. Pettit held senior-level operations positions at
ADC Telecommunications, Inc. and General Electric Company. Previously he served as a general management consultant at McKinsey
& Company Inc. and Towers Perrin, where he developed post-merger integration and marketing strategies. Mr. Pettit began his
career with service in the U.S. Army Corps of Engineers as both a Company Executive Officer and a Construction Platoon Leader.
Mr. Pettit holds a bachelor's of science degree in economics
from the United States Military Academy at West Point and a master's degree in business administration from the University
Under the employment offer letter, Mr. Pettit will be awarded
an inducement grant of options to purchase 200,000 shares of the Company's common stock, which would vest annually in three
equal installments, pursuant to the terms and conditions set forth in the BioScrip, Inc. Amended and Restated 2008 Equity Incentive
Plan. The exercise price of the options will be equal to the fair market value on the date of grant. The award was approved by
the Management Development and Compensation Committee of the Company's Board of Directors and was granted as an inducement
material to Mr. Pettit entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
BioScrip, Inc. is a leading national provider of infusion and
home care management solutions. BioScrip partners with physicians, hospital systems, facilities-based providers, healthcare payors,
and pharmaceutical manufacturers to provide patients access to post-acute care services. BioScrip operates with a commitment to
bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating
with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical
excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves. BioScrip
provides its infusion and home care services from over 80 locations across 29 states.
Forward-Looking Statements - Safe Harbor
This press release may contain statements which constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent,
belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance
of the Company, Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result
of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the
Securities and Exchange Commission.