LIVERMORE, Calif., Aug. 7, 2014 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT), a leader in the identification and recovery of waste, fraud, abuse and delinquent assets for commercial and government organizations announces the retirement of Dr. Jon Shaver effective August 12, 2014. Lisa Im, Chief Executive Officer of Performant, will assume the duties of board chair, in addition to her role as chief executive officer.
Since joining Performant in 2000, Dr. Shaver has played an integral role in leading the company's growth in its student loan recovery and government markets. His profound understanding and knowledge of these markets, as well as his leadership experience in large student loan guarantors, student aid commissions, and legislative affairs has been valuable to Performant over the years.
"I can't speak highly enough about my time at Performant. I've had the opportunity to work with a remarkable team and together we've made great strides and enjoyed much success shaping the markets we serve. I have every confidence that the company and Board of Directors, under Lisa's leadership, will continue its upward trajectory and bring Performant to even greater heights," said Dr. Shaver.
"Jon's deep knowledge of the marketplace has been instrumental in the growth of Performant. His understanding of policy and ability to anticipate market trends and growth areas has provided tremendous value for the entire company," says Im. "We wish him all the best in his retirement. He has served our company very well and been a great friend to us all."
Under Im's leadership, the company has experienced more than 12 years of growth and innovation. Im will continue to focus on expanding advisory services, business process management, and technology solutions to drive continued success to Performant's clients.
About Performant Financial Corporation
Performant Financial Corporation is a leading provider of technology-enabled recovery and related analytics services. The Company's services help identify and recover delinquent or defaulted assets and improper payments for various government, healthcare and financial services markets in the United States. The Company was founded in 1976 and is headquartered in Livermore, California.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Performant's business prospects going forward. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, that our agreements with CMS and the Department of Education, two of our largest customers, are currently subject to rebidding processes, that transition rules have significantly limited our activity under the existing RAC contract, the high level of revenue concentration among the Company's five largest customers, that many of the Company's customer contracts are subject to periodic renewal, are not exclusive and do not provide for committed business volumes, that the Company faces significant competition in all of its markets, that the U.S. federal government accounts for a significant portion of the Company's revenues, that future legislative and regulatory changes may have significant effects on the Company's business, failure of the Company's or third parties' operating systems and technology infrastructure could disrupt the operation of the Company's business and the threat of breach of the Company's security measures or failure or unauthorized access to confidential data that the Company possesses. More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2013 and subsequently filed reports on Forms 10-Q and 8-K. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.