<PAGE> 1
EXHIBIT 99.1
PHYCOR(R)
The Physicians' Corporation NEWS RELEASE
--------------------------------------------------------------------------------
Contact: Tarpley B. Jones
Executive Vice President and Chief Financial Officer
(615) 665-7843
Howard D. Jewell
Vice President Marketing
(615) 665-7819
PHYCOR ANNOUNCES MANAGEMENT CHANGES
Nashville, Tennessee (June 9, 2000) -- PhyCor, Inc. (Nasdaq/NM:PHYC) today
announced that effective immediately Joseph C. Hutts is resigning his positions
as Chairman of the Board of Directors and Chief Executive Officer of the
Company. Mr. Hutts will remain on the Board of Directors. Derril W. Reeves also
is resigning his positions as Vice Chairman of the Board, Executive Vice
President and Chief Development Officer of the Company effective immediately. In
addition, Mr. Reeves is resigning from the Board of Directors. In connection
with their resignations, Mr. Hutts and Mr. Reeves will receive amounts
previously set aside by the Company for their retirement and severance
compensation.
Thompson S. Dent, President of the Company, has been named Chairman of
the Board and Chief Executive Officer of the Company effective immediately. In
connection with his appointments, Mr. Dent will continue to receive his current
salary and will receive amounts previously set aside by the Company for his
retirement and he may receive an option to purchase shares of the Company's
common stock that is subject to a vesting schedule and subject to certain
approvals. He is also eligible for various incentive performance bonuses and he
may receive stock appreciation rights in lieu of stock options.
The Company and E. M. Warburg, Pincus & Co., LLC have mutually
determined that the Company will not issue the second series of zero coupon
convertible subordinate notes under its previously announced agreement with
Warburg, Pincus. As a result of the determination not to issue the second series
of notes, the agreement allows Warburg, Pincus to purchase up to 15,000,000
shares of the Company's Common Stock in the open market over the next six
months.
PhyCor, Inc., headquartered in Nashville, Tennessee, operates medical
clinics and manages physician networks.
-###-
PHYCOR, Inc. - 30 Burton Hills Blvd. - Suite 400
Nashville, TN 37215 - (615) 665-9066
