http://phx.corporate-ir.net/ph...cle_print&ID=2268853

LONG BEACH, Calif.--(BUSINESS WIRE)--May 2, 2017-- Molina Healthcare, Inc. (NYSE: MOH) today announced leadership changes, under which Joseph W. White, Chief Accounting Officer, has been named Interim President and Chief Executive Officer replacing Dr. J. Mario Molina. The Board will immediately commence the search process for a permanent CEO. Mr. White has also been named Chief Financial Officer, replacing John C. Molina. In addition, the Board of Directors has named current Director Dale B. Wolf as Non-Executive Chairman of the Board. These changes are effective immediately. Dr. J. Mario Molina and John C. Molina will continue to serve as directors on the Board, and Dr. Molina remains a candidate for re-election as a director at the Company’s upcoming annual meeting.

“The Board of Directors appreciates Mario and John Molina’s leadership and contributions for more than two decades,” said Dale B. Wolf, Chairman. “In light of the Company’s disappointing financial performance, the Board has determined to change leadership in order to drive profitability through operational improvements. These changes represent targeted and deliberate actions to enhance the Company’s focus and improve its competitive position within the healthcare industry. With the industry in dynamic transition, the Board believes that now is the right time to bring in new leadership to capitalize on Molina’s strong franchise and the opportunities we see for sustained growth. The Board is committed to achieving operational excellence and improving the Company’s financial performance on behalf of our shareholders, more than 20,000 employees and our over 4 million members.”

The Board has approved the adjournment of the annual meeting from Wednesday, May 3 to Wednesday, May 10, 2017 at 10:00 a.m. Pacific Time, at Molina Healthcare, Inc. Corporate Headquarters, 200 Oceangate, 15th Floor, Long Beach, California 90802 in order to allow stockholders time to consider the information described in this press release and the additional information that will be set forth in a Form 8-K and a proxy supplement to be filed by the Company, and to change their votes if desired. The record date for the meeting will remain March 9, 2017.

Mr. White has over 25 years of financial management experience in the healthcare industry, and served as Molina Healthcare’s Chief Accounting Officer since June 2003. Mr. White has led the Company’s most recent operational improvement initiatives and is a widely respected leader both within the Company and in the greater healthcare industry. Prior to joining Molina, Mr. White was the Chief Financial Officer of Maxicare Health Plans, Inc., where he was also a member of the Board of Directors.

After market close today, the Company will report net income per diluted share of $1.37 (inclusive of receipt of a $75 million ($0.84 per diluted share) acquisition break-up fee).

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NPR story from just a few months ago touting this Obamacare 'success story':

http://www.npr.org/sections/he...-obamacare-heres-how

Socialism will always lead to bankruptcy as people focus on their right to eat others' fruit rather than on their responsibility to work their own garden.

Just looked into it, and the two Molina's pushed out were the founder's kids. They had run it since the founder's death in '96 and it went public in '03. Jumped into medicare in '06. However, the last 4 years were heavy acquisitions in aims to expand their medicaid coverage, and then doubling down by offering 0bamacare everywhere they offered medicaid.

They put their eggs in one stupid basket that was designed to fail.

When United Healthcare pulled out of the ObamaCare business smart money knew this would happen with other companies. Even the government knew that Molina was in sad shape. This issue came up when the DOJ challenged the proposed merger between Aetna and Humana.