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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): MAY 12, 1999
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 Company's Press Release dated May 12, 1999 is attached as an
Exhibit hereto and incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
99 Press Release dated May 12, 1999
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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: May 13, 1999 By: /s/ YON Y. JORDEN
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YON Y. JORDEN
Chief Financial Officer
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OXFORD HEALTH PLANS, INC. AND SUBSIDIARIES
EXHIBIT INDEX
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Exhibit Page
Number Description of Document Number
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99 Press Release dated May 12, 1999 5
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Exhibit 99
[OXFORD HEALTH PLANS LETTERHEAD]
For Further Information:
Investor Contact: Deborah Abraham
(203) 851-2636
Media Contact: Nicole Russell/Richard Wool
(212) 885-0353/(212) 885-0523
FOR IMMEDIATE RELEASE
OXFORD HEALTH PLANS, INC. ELECTS NORMAN C. PAYSON CHAIRMAN
NORWALK, CT, MAY 12, 1999 - Oxford Health Plans, Inc. (NASDAQ: OXHP)
today announced the election of Norman C. Payson, M.D. as chairman of the board
of directors. Dr. Payson has been chief executive officer and a member of the
board since May 13, 1998. He succeeds Fred F. Nazem, who had been serving as
non-executive chairman since February 1998. Mr. Nazem will continue serving as a
director.
"I am honored to have been given the opportunity to step in and make a
difference during a critical juncture for Oxford," Mr. Nazem said. "However, now
that our intensive efforts to restore Oxford's financial health and improve its
business prospects are yielding results, I am pleased to pass the chairman's
baton to Norm Payson. In the year that Norm has served as chief executive
officer, the Company has strengthened its management and worked to improve its
relationships with key constituencies while continuing to maintain Oxford's
leadership position in the tri-state managed care market."
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In commenting on Mr. Nazem's departure as chairman, Dr. Payson said,
"On behalf of Oxford's board of directors and our shareholders, I want to
express our sincere appreciation and heartfelt gratitude to Fred Nazem for his
singular and outstanding contribution to Oxford. His advice, counsel, leadership
and commitment were invaluable as we put into place aggressive steps to improve
the Company's operational and financial performance. Fred remains as a valued
member of the board and we look forward to benefiting from his insight and
wisdom," he added.
Founded in 1984, Oxford Health Plans, Inc. provides health plans to
employers and individuals in New York, New Jersey and Connecticut, through its
direct sales force, independent insurance agents and brokers. Oxford's services
include traditional health maintenance organizations, point-of-service plans,
third-party administration of employer-funded benefits plans and Medicare plans.
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