Allscripts announced this morning that it will nominate a three-member board slate to settle a lawsuit and proxy fight brought by key shareholder HealthCor Partners. HealthCor previously called publicly for the replacement of Allscripts CEO Glen Tullman, sued the company over its plan to nominate its own candidates to replace four board members who quit in April in a management dispute, and had obtained an expedited review of its arguments in a hearing that was scheduled for June 14, the day before the Allscripts shareholder meeting.
The director nominees are:
- Stuart Bascomb, founder of Express Scripts and chairman and CEO of QualSight, which offers managed care refractive surgery
- David Stevens, former chairman and CEO of specialty pharmacy vendor Accredo Health Group
- Randy Thurman, founder of Viasys Healthcare and former CEO of Corning Life Sciences and Rhone-Poulenc Pharmaceuticals
Tullman said in the announcement, “We welcome the addition of Stuart, David, and Randy and believe they will bring new perspectives and additional industry experience to our board. Taken together with the recent additions of Paul Black and Robert Cindrich, the Company will have added five, high-quality, independent directors in just the past few weeks. We believe this is a positive outcome for Allscripts and its stockholders and we look forward to working collaboratively as we continue to implement our strategic initiatives and make the important and necessary investments to deliver a connected community of health for our clients and build value for all of our stockholders.”
HealthCor co-founder Arthur Cohen said, “We are pleased to have reached this amicable resolution with Allscripts, which we believe will serve the best interests of all stockholders. We continue to believe that Allscripts has great products, strong capabilities and a unique installed base of customers. Furthermore, we are confident that Stuart, David, and Randy will make strong additions to the Board, and will work hard to represent all stockholders and assist the Company in seizing the tremendous market opportunity before it.”