Pediatrix Announces CEO Succession Plan

Pediatrix Announces CEO Succession Plan

Business Editors/Health & Medical Writers


Pediatrix Medical Group, Inc., (NYSE:PDX) today announced a transition of the chief executive officer duties from its founder and current CEO Roger J. Medel, M.D., to its President, Kris Bratberg effective January 1, 2003. Dr. Medel will remain as Chairman of the Board.

“This transition is the next logical step in an orderly process that we began more than two years ago and comes at a time when Pediatrix’s fundamentals are both solid and improving,” said Dr. Medel. “Over the past three years, Pediatrix faced a number of significant challenges and Kris played a key role in resolving these issues while working to significantly strengthen our financial position and operating results. Kris will continue to focus on managing our business and pursuing our promising growth opportunities.”

Dr. Medel, 55, founded Pediatrix in 1979 as a two-person physician group practice focused on neonatal medicine. The neonatal physician group practice grew during the 1980s through internal marketing efforts as the model for care shifted from academic centers to community hospitals. Pediatrix embarked on an acquisition program following its initial public offering in 1995. Today, Pediatrix and its affiliated professional corporations employ more than 600 physicians. Dr. Medel will serve as an executive Chairman of the Board and will concentrate on long-term strategic planning for the Company.

Mr. Bratberg, 40, joined Pediatrix as Vice President, Business Development, in 1995. Initially, his responsibilities were to establish and lead Pediatrix’s successful acquisition program. He was promoted to Executive Vice President, Corporate Development, in January 2000, and was promoted to President in May 2000. He was elected to Pediatrix’s Board of Directors in May 2001. Prior to joining Pediatrix, Mr. Bratberg was a Senior Vice President in the healthcare investment banking group at Dean Witter Reynolds, Inc., in New York.

About Pediatrix

Pediatrix was founded in 1979. Its neonatal physicians provide services at more than 190 NICUs and through Obstetrix its perinatal physicians provide services in many markets where Pediatrix’s neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 600 physicians in 29 states and Puerto Rico. Additional information is available on the Internet:

Except for historical information, matters discussed in this release include forward-looking statements that involve risks and uncertainties including, but not limited to, business, financial and integration risks. In addition, Pediatrix details other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2001, filed with the U.S. Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those projected or anticipated in the forward-looking statements.

The forward-looking statements in this press release are made as of the date hereof based on management’s current beliefs and expectations, and the Company undertakes no obligation to update or revise any such statements, whether as result of new developments, new information or otherwise.

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