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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 9, 1998
OXFORD HEALTH PLANS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-19442 06-1118515
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
800 Connecticut Avenue, Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
(203) 852-1442
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
The Registrant has added to its senior management team with the
addition of Yon Yoon Jorden as executive vice president and chief financial
officer, effective June 22, 1998. Ms. Jorden will report directly to Chief
Executive Officer Dr. Norman C. Payson and will have responsibilities for all
aspects of the Registrant's financial operations including investor relations;
actuarial and underwriting; treasury; financial planning; tax; accounting; and
risk management.
Jorden joins the Registrant from Aera Energy LLC, a joint venture of
Shell Oil Company and Mobil Corporation based in Bakersfield, CA where she
served as senior vice president and chief financial officer. Prior to that, she
spent more than six years at WellPoint Health Networks Inc. and Blue Cross of
California, where, as senior vice president and chief financial officer, she
played a major role in Blue Cross' move to for-profit status and in the
subsequent initial public offering of WellPoint Health Networks Inc., which spun
off from Blue Cross of California raising $520 million in equity capital as the
industry's largest IPO. Jorden also orchestrated the $3 billion recapitalization
of Blue Cross/WellPoint on a tax-free basis and managed multiple M&A projects
and related debt and equity activities. Before her tenure at WellPoint, Jorden
was vice president and controller of FHP International Corporation, a health
maintenance organization based in Fountain Valley, California.
* * * * * *
The Registrant's Press Release dated June 9, 1998 is attached as an
Exhibit hereto and incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits
(C) Exhibits
99(a) Press Release dated June 9, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
OXFORD HEALTH PLANS, INC.
Date: June 10, 1998 By: /s/ BRENDAN SHANAHAN
------------------------
Brendan Shanahan
Vice President and Controller
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Exhibit 99(a)
OXFORD LETTERHEAD
Re: Oxford Health Plans, Inc.
800 Connecticut Avenue
Norwalk, C 06854
For Further Information:
Nicole Reilly
Hill and Knowlton
(212) 885-0353
FOR IMMEDIATE RELEASE
JUNE 9, 1998
OXFORD NAMES YON YOON JORDEN CHIEF FINANCIAL OFFICER
Norwalk, CT, June 9, 1998 - Oxford Health Plans, Inc. (NASDAQ: OXHP) today
announced Yon Yoon Jorden executive vice president and chief financial officer,
effective June 22. Jorden, 43, brings more than 18 years of experience in
financing and restructuring to the position, as well as an in-depth knowledge of
the health care industry.
Ms. Jorden will report directly to Chief Executive Officer Dr. Norman C. Payson
and will have responsibilities for all aspects of Oxford's financial operations
including investor relations; actuarial and underwriting; treasury; financial
planning; tax; accounting; and risk management.
"Attracting a seasoned chief financial officer has been a top priority for
Oxford since I came on board and we are pleased to welcome an individual of
Yon's caliber - her expertise in restructuring and financial operations, as well
as her knowledge of the inner workings of managed care, will be extremely
valuable to us." said Dr. Payson. "This appointment complements a senior
management team that has been working diligently on getting Oxford back to
business basics and on strengthening capabilities in a variety of areas,
including medical management, operations and finance," Payson added.
Jorden joins Oxford from Aera Energy LLC, a joint venture of Shell Oil Company
and Mobil Corporation based in Bakersfield, CA where she served as senior vice
president and chief financial officer. Prior to that, she spent more than six
years at WellPoint Health Networks Inc. and Blue Cross of California, where, as
senior vice president and chief financial officer, she played a major role in
Blue Cross' move to for-profit status and in the subsequent initial public
offering of WellPoint Health Networks Inc., which spun off from Blue Cross of
California raising $520 million in equity capital as the industry's largest IPO.
Jorden also orchestrated the $3 billion recapitalization of Blue Cross/WellPoint
on a tax-free basis and managed multiple M&A projects and related debt and
equity activities. Before her tenure at WellPoint, Jorden was vice president and
controller of FHP International Corporation, a health maintenance organization
based in Fountain Valley, California.
Oxford Health Plans, Inc. is based in Norwalk, Connecticut. Its product lines
include traditional health maintenance organizations, point-of-service plans,
third-party administration of employer funded benefit plans, Medicare and
Medicaid plans, and dental plans. Oxford markets its health plans to employers
in New York, New Jersey, Pennsylvania, Connecticut, Illinois, Florida and New
Hampshire through its direct sales force and through independent insurance
agents and brokers.
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