In Brief: Matria Healthcare
This article was originally published in The Gray Sheet
Executive Summary
Matria Healthcare: Firm's President and CEO Robert Byrnes resigns effective Dec. 31 as part of the ongoing consolidation of Tokos Medical Corporation and Healthdyne Maternity Management, which merged in March ("The Gray Sheet" March 18, p. 20). Until a replacement is found, Parker Petit, Matria's chairman, and Donald Millard, senior VP finance, will serve as the Office of President. Additional field and corporate staff positions are slated for termination by year-end, the company says. Matria will book a $7.5 mil. restructuring charge in the fourth quarter 1996 to cover expenses related to the consolidation; the actions are expected to reduce annual operating expenses by $5 mil...