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BioScrip CFO resigns; interim replacement named
February 1st, 2011
ELMSFORD, N.Y. – David Froesel has resigned as chief financial officer at BioScrip Inc. and is being replaced in the interim by Mary Jane Graves.
The pharmacy services company said Tuesday that Graves, known as "MJ," takes over the CFO post effectively immediately. She is the former CFO of Critical Homecare Solutions (CHS) Inc., which BioScrip acquired early last year. Graves held that post from 2006 to 2010.
"We are delighted to have MJ join the BioScrip team as interim CFO," Richard Smith, president and chief executive officer of BioScrip, said in a statement. "MJ is a seasoned executive with nearly 30 years of financial and accounting experience. She is extensively familiar with BioScrip and particularly our home infusion and home health assets as a result of her tenure at CHS.
"In addition, as a consultant, MJ has played an integral role in the execution strategy developed as a result of our strategic assessment," Smith added. "We look forward to working with her as we continue to execute our plan for the future.”
Froesel was appointed as executive vice president, CFO and treasurer at BioScrip in December. According to BioScrip, Froesel resigned based on personal reasons, and he indicated that his decision "was not related to any disputes with management, the company's strategic assessment, or issues regarding the integrity of the company's financial statements or accounting policies and practices."
The appointment of Graves represents the third key executive change at BioScrip since early November, the company announced that Smith, then president and chief operating officer, would become CEO at the start of 2011, replacing Richard Friedman, who became nonexecutive chairman effective Jan. 1.
BioScrip provides retail and specialty pharmacy services along with pharmacy benefit management, home infusion and other health care services. It operates a network of 32 community retail pharmacies in 16 states and the District of Columbia.