LOUISVILLE, Ky., Aug. 4, 2010 (GLOBE NEWSWIRE) -- ResCare, Inc. (Nasdaq:RSCR) today announced a company reorganization to enhance focus on its long-term strategy of increased organic growth, strategic acquisitions and revenue diversification. The reorganization includes realigned business lines and changes in leadership to support the new structure.
"The realignment is necessary to take us to the next step in our strategic growth and service plans," said President and Chief Executive Officer, Ralph G. Gronefeld, Jr., in today's announcement. "Our previous reporting groups were configured as Community Services, Employment & Training Services, Job Corps and Other. We believe the new business lines will be the best growth platform for our services and will provide the clarity that our investors and other stakeholders need."
The new reporting groups are:
| ResCare HomeCare |
| ResCare Residential Services |
| ResCare Workforce Services |
| ResCare Youth Services |
"The reorganization provides four distinctly branded service lines, each with unique needs and strong opportunities for growth and synergies," commented Mr. Gronefeld.
Business Line Leadership Changes
Under the new business line structure, ResCare HomeCare will report directly to CEO Ralph Gronefeld. Chief Operating Officer Patrick G. Kelley will oversee the new leadership of Residential Services, Workforce Services and Youth Services, as well as the Company's business development activities.
David D. Rhodes has been appointed Executive Vice President of ResCare HomeCare, currently operating in 33 states. Mr. Rhodes is an 18-year employee and formerly held the position of CSG Pacific West Region Vice President, a nine-state region that primarily offers home care services. Mr. Rhodes will report to Mr. Gronefeld.
Stephen Brunet and Jane L. Steur have been appointed Senior Vice Presidents of ResCare Residential Services, which encompasses the Company's supports and services to people with developmental and intellectual disabilities and people with acquired brain injuries. Mr. Brunet, formerly Community Service Group (CSG) Central Region Vice President, and Ms. Steur, formerly CSG Southwest Region Vice President, have both been with ResCare for 18 years. The Executive Vice President of Residential Services position is unfilled.
Richard L. Tinsley, who joined ResCare in 2007 as Chief Development Officer, has been appointed Executive Vice President of ResCare Workforce Services. This segment will include ResCare's domestic and international workforce operations. Workforce Services provides training and placement assistance to job-seekers, workers, employers and communities.
Richard L. Myers, a 15-year ResCare veteran and formerly Vice President of ResCare Job Corps, will lead ResCare Youth Services, which includes the Job Corps operations, schools and educational services, foster care and residential youth services.
The position of Chief Development Officer has been recast as an Executive Vice President position reporting to Mr. Kelley. Jeffrey S. Engelke, who has been with ResCare 14 years, has been appointed to that position. Mr. Engelke has served as Vice President of Development for four years. He began with ResCare in its Community Services Group.
"I want to offer my sincerest congratulations to all our leaders in their new positions. They are loyal and dedicated ResCare employees, well suited to help guide us into the future. The retooling is in process, the leaders have taken over their new responsibilities and the full transition should be complete by the end of this year. The new structure better serves our growth goals and mission imperatives. With this process underway, I am even more excited about ResCare's future."
ResCare, with more than 35 years of experience helping people reach their highest level of independence, is one of the largest providers of home care to the elderly and persons with disabilities. It also offers residential and support services to people with intellectual and developmental disabilities and provides education, vocational training and job placement for people of all ages and skill levels. Based in Louisville, Kentucky, ResCare and its nearly 50,000 dedicated employees serve more than a million people a year in 41 states, Washington, D.C., Puerto Rico and a number of international locations. For more information about ResCare, please visit the Company's website at www.rescare.com.
From time to time, ResCare makes forward-looking statements in its public disclosures, including statements relating to expected financial results, revenues that might be expected from new or acquired programs and facilities, its development and acquisition activities, reimbursement under federal and state programs, financing plans, compliance with debt covenants and other risk factors, and various trends favoring privatization of government programs. In ResCare's filings under the federal securities laws, including its annual, periodic and current reports, the Company identifies important factors that could cause its actual results to differ materially from those anticipated in forward-looking statements. Please refer to the discussion of those factors in the Company's filed reports. Statements related to expected financial results are as of this date only, and ResCare does not assume any responsibility to update these statements.