Medical Facilities Corporation Announces Board Retirement and Appointment
TORONTO, Dec. 17, 2020 /CNW/ - Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Corporation") (TSX: DR) today announces the retirement of Marilynne Day-Linton from the Board of Directors of the Corporation (the "Board") and appointment of Lois Cormack as an independent member of the Board, effective immediately.
Ms. Day-Linton has been an independent member of the Board since 2013. She served as Chair of the Board from 2016 to 2019, and as member of the Audit Committee since 2013, which she chaired until 2016, the Corporate Governance, Nominating and Compensation ("CGNC") Committee since 2013 and the Investment Committee since 2017.
"Marilynne's guidance has been invaluable to MFC. The Board has benefited from Marilynne's deep financial expertise and strong governance acumen, and has valued her leadership and insights in shaping and building MFC's leadership team. We thank Marilynne for her contributions and service and wish her the very best," said Jeffrey Lozon, Chair of the Board of Medical Facilities.
"We are pleased to welcome Lois Cormack to our Board. Lois brings close to 30 years of relevant sector experience, spanning strategic planning, operations management, and governance. We look forward to Lois' fresh and unique perspectives," concluded Mr. Lozon.
Ms. Cormack is an accomplished leader with extensive experience in healthcare and seniors living, real estate, and capital markets. In 2014 and 2015, she was named to the PROFIT W100 as one of Canada's top female entrepreneurs. Previously, she was President, CEO and director of Sienna Senior Living, President of Specialty Care Inc., and held other senior leadership roles in the health care and seniors' living sectors.
Ms. Cormack currently serves on the Board of Trustees at Allied Properties REIT. She also previously served on the Board of Governors of Seneca College and as Chair of the Board of the Ontario Long Term Care Association. Ms. Cormack holds a Masters of Health Administration from the University of Toronto and is a graduate of the Ivey Executive Program at the University of Western Ontario and the ICD-Rotman Directors Education Program.
Ms. Cormack will serve as a member of the Board's Audit, CGNC and Investment Committees.
About Medical Facilities
Medical Facilities, in partnership with physicians, owns a diverse portfolio of highly rated, high-quality surgical facilities in the United States. MFC's ownership includes controlling interest in four specialty surgical hospitals located in Arkansas, Oklahoma, and South Dakota, and an ambulatory surgery center ("ASC") located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns controlling interest in five ambulatory surgery centers located in Michigan, Missouri, Nebraska, Ohio, and Pennsylvania. MFC also owns non-controlling interests in a specialty surgical hospital in Indiana and an ASC in Missouri. The specialty surgical hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ASCs specialize in outpatient surgical procedures, with patient stays of less than 24 hours. For more information, please visit www.medicalfacilitiescorp.ca.
SOURCE Medical Facilities Corporation
David Watson, Chief Financial Officer, Medical Facilities Corporation, 416.848.7380 or 1.877.402.7162, [email protected]; Trevor Heisler, Investor Relations, NATIONAL Capital Markets, 416.848.1434, [email protected]
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