Cano Health, Inc. (NYSE: CANO), a leading value-based primary care provider and population health company, today announced the appointment of Patricia Ferrari and Carol Flaton to its Board of Directors. Ms. Ferrari and Ms. Flaton bring broad business experience and deep financial expertise, with proven track records of advising companies on strategies to improve operations and financial performance, as well as strengthening their capital structures.
Solomon Trujillo, non-executive Chairman of the Board, said: “The Board has been focused on ensuring we have the right mix of skills and insights to create value for our stakeholders as we reposition the Company and address our challenges. We look forward to benefitting from Trish and Carol’s significant expertise, fresh perspectives, and broad range of operational, financial, and business transformation experience as we advance our ongoing efforts to enhance liquidity, strengthen our balance sheet, and unlock Cano Health’s full potential.”
Additionally, the Board has established a Finance Committee to oversee the Company’s ongoing comprehensive exploration of a range of financing initiatives and evaluation of strategic alternatives. As detailed in the Company’s financial results for the third quarter ended September 30, 2023, ongoing efforts to generate additional liquidity and strengthen the Company’s balance sheet include, but are not limited to:
- streamlining and simplifying the organization to improve efficiency and reduce costs;
- considering a sale of the Company or all or substantially all of its assets; and/or
- exploring the sale of certain lines of its business.
The Board has appointed Ms. Ferrari and Ms. Flaton, along with current director Angel Morales, to serve on the Finance Committee, with Ms. Flaton serving as Chair. The Board also appointed Ms. Flaton as a member of the Board’s Audit Committee and Ms. Ferrari to serve on the Compensation Committee.
About Carol Flaton
Ms. Flaton has provided financial advisory services and served as an independent director for both public and private companies since 2019. From 2014 to 2019, Ms. Flaton was a Managing Director at AlixPartners LP. Prior to that, Ms. Flaton was a Managing Director at Lazard Freres & Co. LLC, a Managing Director at Citigroup Inc. and a Managing Director at Credit Suisse First Boston. Ms. Flaton currently serves as a member of the Board of Directors of Genesis Care Finance Pty, Ltd., Hornblower Holdings LLC, Resolute Investment Managers, Inc., and as Independent Manager of Matterhorn Parent, LLC (d/b/a Hearthside Food Solutions).
Ms. Flaton earned her Bachelor of Science and Bachelor of Arts degree from the University of Delaware and her M.B.A. from the International Institute of Management Development.
About Patricia Ferrari
Ms. Ferrari is a consultant to corporate executives and boards of directors. Previously, she was a Managing Director at MBIA Inc., serving as its Head of Restructuring and Remediation since 2014. Prior to this, she served as one of the founding partners of the New York office of King & Spalding, a U.S.-based international corporate law firm headquartered in Atlanta.
Ms. Ferrari earned her Bachelor of Arts degree from Southern Illinois University and her Juris Doctor degree from Vanderbilt University.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered healthcare company delivering personalized, value-based primary care to approximately 310,000 members. Founded in 2009, with its headquarters in Miami, Florida, Cano Health is transforming healthcare by delivering primary care that measurably improves the health, wellness, and quality of life of its patients and the communities it serves through its primary care medical centers and supporting affiliated providers. For more information, visit canohealth.com or investors.canohealth.com.
