John Ward, CEO of Amarillo, Texas-based pharmacy services platform Maxor National Pharmacy Services LLC, will retire in 2016; however, he will remain on the company’s board and retain a “significant” ownership stake upon his retirement. Maxor has enlisted Chartwell Partners to conduct a search for a successor to Ward. Maxor is a portfolio company of Beecken Petty O’Keefe & Company.
AMARILLO, Texas, Oct. 15, 2015 /PRNewswire/ — Maxor National Pharmacy Services, LLC, a leading pharmacy services platform, today announced that the Company’s CEO, John Ward, will retire in 2016. It is expected that the Company will select a new CEO by the end of 2016.
Ward will remain a member of the Board and retain his significant ownership position in the Company upon his retirement.
Maxor’s Chairman, Jerry Hodge, commented, “I would like to thank John for his 40 years of friendship and 12 years of service to Maxor. He led the Company through tremendous growth and change. With intimate knowledge of the business and excellent leadership skills, John will remain an invaluable guide for the Company.
As a member of the Board, Ward will participate in the process of selecting a new CEO. Maxor has hired Chartwell Partners to conduct a national search for Mr. Ward’s successor.
“I have been very fortunate to lead Maxor. With great confidence in the future of the Company, I believe that 2016 is the right time for me to transition the business to a new CEO,” Ward said. “I want to thank the Board for their support and trust, and Maxor’s employees for their commitment to the Company over the years. I will remain available to assist the new CEO in any way possible and look forward to continuing my service. My successor will inherit an organization full of hard-working and talented employees who are driven to provide exceptional customer service,” added Ward.
Beecken Petty O’Keefe & Company (BPOC), a Chicago-based private equity firm recapitalized Maxor with Management in January 2014 and has helped build upon the company’s growth.
Maxor is a leading pharmacy services platform that consists of four primary business segments: (i) pharmacy benefit management (“PBM”), (ii) outpatient pharmacy management, (iii) specialty pharmacy services and (iv) correctional pharmacy services. These segments provide complementary services that aim to improve the health of patients and efficiently manage pharmacy spend for its clients.
ABOUT BEECKEN PETTY O’KEEFE & COMPANY
Beecken Petty O’Keefe & Company (BPOC) is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry. BPOC evaluates, structures, and manages investments on behalf of institutional and individual investors. Visit BPOC.com to learn more.