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EXHIBIT 99.2
FOR: QUADRAMED CORPORATION
CONTACTS: James D. Durham/Chairman & CEO
John V. Cracchiolo/President
(415) 482-2100
www.quadramed.com
FOR IMMEDIATE RELEASE
QUADRAMED CORPORATION ANNOUNCES APPOINTMENT OF LARRY P.
ENGLISH AS CHIEF EXECUTIVE OFFICER AND CONCURRENT TRANSITION OF
SENIOR MANAGEMENT
SAN RAFAEL, CA--JUNE 12, 2000--QuadraMed Corporation (NASDAQ: QMDC) has
announced the appointment of Lawrence P. English as Chief Executive Officer
effective immediately. English will also become a member of the QuadraMed Board.
In a letter to employees earlier today announcing the transition of the office
of Chief Executive Officer, QuadraMed's founder and Chairman of the Board, Jim
Durham said he strongly recommended English as his successor.
"I was fortunate to have met Larry English at about the time I was considering
this change. I recognized immediately that he had the unique combination of
entrepreneurial drive, health care background and operating experience to lead
the company going forward. The process of recruiting him, which included
extensive reference checks, has only increased my confidence in his ability,"
Durham said.
QuadraMed's Board of Directors unanimously approved the appointment of Mr.
English and has been closely involved in each step of the negotiation and
implementation of the transition. QuadraMed's Board of Directors also
unanimously endorsed timing of the transfer of the office of Chief Executive
Officer to Mr. English and believes that Mr. English will lead QuadraMed to
enhanced shareholder value in the future.
English, 59, spent 33 years with CIGNA Corporation where he successfully led the
turnaround of three of its divisions. In his most recent assignment he was
President of CIGNA HealthCare. During his four-year tenure in that position,
after tax earnings increased from $230 million to more than $400 million. Since
leaving CIGNA in 1996, English has been engaged as a venture investor, interim
CEO and board member with several startup and early stage companies.
In a separate statement to employees English said, "QuadraMed represents exactly
the kind of opportunity I have been seeking. It is an entrepreneurial company
with great people and products, focused on a market that offers significant
opportunity for growth." He also stated his plan to move to the Bay Area and
make a personal investment in the company.
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QuadraMed's Board of Directors further announced and has unanimously approved
the transition of the duties of Mr. Durham, its former Chief Executive Officer,
and Mr. John V. Cracchiolo, its current President. The Board negotiated the
terms of this transition and is comfortable that the transition planning will
provide QuadraMed with continuous strong leadership.
Mr. Durham will continue to make his industry expertise available to QuadraMed
Corporation in a role as a part-time employee and member of the QuadraMed Board.
Mr. Cracchiolo will relinquish his position as President effective as of June
30. Mr. Cracchiolo will provide consulting services to QuadraMed Corporation for
a limited time thereafter. Mr. Cracchiolo intends to pursue outside
opportunities.
ABOUT QUADRAMED CORPORATION
QuadraMed Corporation uses technology to transform disparate healthcare data
into valuable, enterprise-wide information. The Company's web-enabled software
and service solutions allow healthcare institutions to generate operational
efficiencies, improve cash flow and measure the cost and quality of care.
QuadraMed has implemented its solutions in more than 4,000 provider sites across
North America, representing over 60% of the nation's hospitals. For more
information about QuadraMed, its products and services, visit
http://www.quadramed.com.
QuadraMed has a significant talent pool, which--through its active participation
in professional and trade organizations--has helped to shape the healthcare
information technology industry. With broad-based consulting expertise in
healthcare business operations and information management, the Company has
substantial expertise in the core components stipulated within HIPAA
legislation.
In addition to its web-enabled software solutions, QuadraMed has developed The
American Hospital Directory (AHD.com)--the most comprehensive resource for
hospital and healthcare benchmarking information on the Web. The site details
key measurements of hospitals and their performance, including the services they
provide, financial statements, utilization statistics and cost analysis. The
site is the only one of its kind to integrate data from the American Hospital
Association's Guide to the Health Care Field.
QuadraMed is a trademark of the QuadraMed Corporation. All other trademarks and
registered trademarks are the properties of their respective holders.
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