NEW YORK, July 12, 2006 (PRIMEZONE) -- Aveta Inc., one of the largest companies focusing on Medicare Advantage and a leader in addressing the healthcare needs of the chronically ill, announced today the appointment of Daniel E. Straus as Chief Executive Officer and Joseph Mark as President effective immediately. Mr. Straus, who will retain his position as Chairman of the company, and Mr. Mark, who previously served as President and CEO, are co-founders of Aveta. The appointments follow the resignation of Timothy J. O'Donnell, who has stepped down as CEO and from all positions with Aveta.
"Tim O'Donnell, who was a co-founder of Aveta with Joe Mark and myself, led Aveta through a period of dynamic growth and has built a strong, cohesive management team that has made Aveta an industry leader," said Mr. Straus, in announcing the changes. "We appreciate all of Tim's accomplishments and wish him success in his future endeavors. Joe Mark and I look forward to working closely with the rest of the management team to take Aveta to the next level of market leadership in serving the healthcare needs of seniors and the chronically ill."
"We are delighted to have in place one of the strongest and most experienced management teams in the industry and will continue to draw on the talents of Chief Financial Officer John Brittain, with his wealth of capital markets experience and a deep understanding of the financial management needs of high growth service companies, and Chief Operating Officer Jess Parks, who has two decades of experience in building the operational capabilities of healthcare companies.
"I'm proud to have helped build Aveta into a billion dollar company and a leader in the Medicare Advantage space," said former CEO Timothy J. O'Donnell. "As the company enters a new stage of growth in very capable hands, it's time for me to take on new challenges."
Daniel E. Straus has served as Chairman of Aveta since 2003. He is the founder of The Straus Group (TSG), a private investment firm active in the healthcare sector, and serves as CEO or Chairman of several TSG-controlled companies, including CareOne, LLC and Care Realty LLC. In 1984, Mr. Straus co-founded The Multicare Companies, Inc., a healthcare services company, and served as President and co-CEO through its initial public offering and New York Stock Exchange listing until the company was sold in 1997. Prior to that, Mr. Straus was an attorney with Paul, Weiss, Rifkind, Wharton & Garrison. Mr. Straus holds an A.B. in political science from Columbia University and a J.D. from New York University.
Joseph D. Mark served as President and Chief Executive Officer of Aveta from November 2004 until November 2005. He joined Aveta in 2003 as President and Chief Operating Officer of Aveta Health. Mr. Mark has been a Principal at TSG since 2001. Prior to that, he was Co-founder, Co-chairman and Chief Executive Officer of THCG, Inc. Mr. Mark's previous positions include President of Tower Hill Securities, Inc. and head of the U.S. corporate finance business of Hambro America Securities, Inc. (the predecessor of Tower Hill). Prior to joining Hambro, Mr. Mark was an investment banker at a number of firms, including Salomon Brothers and Drexel Burnham Lambert. Mr. Mark received an A.B. in Economics from Columbia University and an M.B.A. from the Wharton School of the University of Pennsylvania.
About Aveta Inc.
Aveta is one of the largest companies focusing on Medicare Advantage and a leader in addressing the unique healthcare needs of the chronically ill. Caring for over 142,000 Medicare beneficiaries, Aveta is the 5th largest for-profit Medicare Advantage enterprise, and operates more Chronic SNPs than any other company. Aveta has a successful track record of managing care for seniors achieved through its core competency of community medical management. Aveta is headquartered in Fort Lee, New Jersey and currently has operating subsidiaries in Southern California, Puerto Rico, and Illinois.