In this installment of IBJ's Who's Who series, meet key members of the city’s banking and finance sector. They include bankers, fund managers, venture capitalists, lawyers, financial planners and others who influence the movement and availability of money in the local economy.
It was a good but not great year financially for three of the four largest hospital systems operating in the Indianapolis area last year—and hospital analysts are expecting several head winds to continue.
Timothy S. Durham (pictured at far left), James F. Cochran and Rick D. Snow were all arrested on Wednesday following a grand jury indictment.
Beleaguered local businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. have been indicted on felony charges of wire fraud, securities fraud and conspiracy to commit wire fraud and securities fraud. The Securities and Exchange Commission also filed a complaint against the men in federal court.
The Carmel-based for-profit educator still will pay its top executives bonuses, but they’ll no longer be tied to school enrollment, the company said Tuesday in a proxy filing.
Howard Schrott will provide $6.5 million toward the $13 million performing-arts building.
Evangelical Baptist Missions Inc. says its former IT vendor is holding its website hostage—potentially hampering the safety of people working abroad.
WellPoint Inc. CEO Angela Braly has been working with her counterparts at insurers UnitedHealth Group Inc., Aetna Inc., Cigna Corp. and Humana Inc. in an informal lobbying alliance aimed at blunting parts of the health-care law, according to Bloomberg News, citing unnamed sources. The unofficial alliance might try to formalize in the next two months and may even try to pull in large employers to rally around mutual health-care interests, they said. The five for-profit companies control 39 percent of the commercial, Medicare and Medicaid health-insurance market, according to data compiled by Bloomberg. Indianapolis-based WellPoint is the largest health insurer by enrollment, with more than 33 million members in its health plans. The arrangement began about six months ago, growing out of a desire to improve the companies’ image and out of unrest over decisions by America’s Health Insurance Plans, or AHIP, the Washington-based lobbyist that also serves hundreds of small plans and nonprofit insurers. Spokesmen at all five companies declined to comment on the sessions or didn’t return e-mail and telephone inquiries. Karen Ignani, AHIP’s CEO, declined to answer questions about the split, calling it “palace intrigue.”
Community Health Network will provide an employee health and wellness center for Metropolitan School District of Lawrence Township employees and their covered dependents. The center, to be housed in remodeled space at Community Health Pavilion-Fort Ben (8501 East 56th Street), is scheduled to open in mid-April. The center will focus strongly on engaging school district staff in wellness and disease prevention. Medical personnel will include a “health coach,” who can help patients make changes in their daily health habits to improve health. The coach can assist with anything from smoking cessation to stress reduction techniques, diet and exercise planning. The health and wellness center is an addition to the district-sponsored medical benefit plan. Employees covered under the township plan will be able to continue using their participating provider of choice; however, if they utilize the new employee health and wellness center, they will not pay an office visit co-pay for their visits.
Executives at Endocyte Inc. are now on an investor road show, making presentations in advance of the company’s $78 million initial public offering this month. The West Lafayette drug-development firm plans to offer nearly 5.4 million shares at a price between $13 and $15 apiece, according to a filing Jan. 21 with the Securities and Exchange Commission. Underwriters of its IPO will have the option to buy up to an additional 802,500 shares to cover excess demand. Endocyte's key focus is on developing treatments for cancer and inflammatory diseases. The lead product candidate, EC145, is a potential cancer treatment. The company hopes to move it into late-stage development as a potential ovarian cancer treatment. Endocyte said it will trade under the "ECYT" symbol on the Nasdaq exchange.
Noblesville-based King Systems Corp. is without its two top executives after both abruptly left the company on Jan. 26. CEO Don Dumoulin and Chief Financial Officer Yun Kim exited King Systems in a “mutual agreement” with Great Britain-based parent company Consort Medical PLC, said its CEO, Jonathan Glenn. King Systems manufactures anesthesia and respiratory-care products. With 475 local employees, it’s the third-largest medical device developer in the Indianapolis area, according to IBJ statistics. Glenn, who arrived in Noblesville last week to announce the departures, declined to provide specifics on why the two were let go. “The business is fine,” he said. “There’s nothing sinister behind this.” A search is under way for a new chief executive and CFO, said Glenn, noting that a couple of executives from Consort will be overseeing King Systems' operations until permanent replacements are named. King Systems hired Dumoulin, a former Roche Diagnostics Corp. executive, as its CEO in October 2008. Dumoulin, a vice president at Roche, was let go from that company after shipping $11.7 million worth of diabetes-testing equipment in September 2006 to alleged grifter Dina Wein Reis after she convinced him she was running a not-for-profit. Demoulin could not be reached for comment.
Event-planning powerhouse VMS Inc. plans to invest more than $1.5 million to expand its Indianapolis operation and create as many as 102 jobs over the next four years, state officials said Friday morning. The locally based company now employs more than 135 and plans to begin hiring additional workers during the first quarter. Founded in 1995 by Mandy Moore and Neal Rothermel as a meeting-planning firm, VMS found a niche in the highly regulated pharmaceutical and biotech industries and grew from there. It now helps clients manage health care meetings and also assists with strategic marketing, medical-education and patient-adherence initiatives. In 2007, it reported annual revenue of $30 million and a staff of about 70. More recent financial results were not immediately available.
Reid Hospital in Richmond has hired Jim Puffenberger as its chief financial officer. He spent the past 10 years in Arizona as CFO and then CEO of Northern Arizona Healthcare. An Ohio native, Puffenberger, holds both a law degree and an MBA.
Federal health reform will trump an Indiana law that allows health insurers to offer steep discounts to employers with healthy workers and which institute aggressive wellness programs, but experts say other provisions will motivate small firms.
General Motors' return to Wall Street was well received Thursday, as the company’s stock closed up 3.6 percent in its initial public offering.
HHGregg Inc.’s profit in its fiscal second quarter fell 20.4 percent from a year ago while expansion boosted revenue 45 percent.
TriMedX, a technology-management firm for hospitals, has hired Tom Vorpahl as chief operating officer. For the past eight years, Vorpahl worked at Philips North America, most recently as vice president of sales and business development. Vorpahl holds bachelor's degrees in biology and medical science from the University of Wisconsin. TriMedX is an Indianapolis-based subsidiary of the Ascension Health hospital system.
Batesville-bsed Hill-Rom Holdings Inc. has appointed Mark Guinan chief financial officer, beginning Dec. 13. Guinan is currently chief procurement officer for New Jersey-based Johnson & Johnson. Guinan has an undergraduate degree from the University of Notre Dame and an MBA from the Olin Graduate School of Management at Washington University. Before joining Johnson & Johnson, he worked for Cincinnati-based Procter & Gamble. Guinan succeeds Greg Miller, who has been Hill-Rom's CFO since 2005.
Carmel-based CNO Financial Group Inc. has hired James S. Sawaya as vice president of claims. Sawaya comes from Wisconsin-based HealthEOS by Multiplan Inc., where he served as senior vice president for claim operations, client services, sales and customer service. Sawaya previously worked for UnitedHealthcare and Midwest Security Insurance Cos.
Dr. Charles E. Hughes and Dr. Wayne Lee have joined the St. Francis Medical Group. Their practice, the Indianapolis Institute for Plastic Surgery, is located at 8051 S. Emerson Ave. on the St. Francis Hospital-Indianapolis campus.
IBJ’s Women of Influence program recognizes central Indiana women who exemplify the traits required to be outstanding leaders in their chosen fields.
As executive director of the Mapleton-Fall Creek Development Corp., Nytes has taken the MFCDC from near-bankruptcy to a multimillion-dollar not-for-profit that’s changing the face of the formerly neglected neighborhood whose name it bears.
Dolan transformed ExactTarget’s financial operations, oversaw its 2007 IPO filing—later withdrawn—and spearheaded two of 2009’s biggest, most successful venture capital procurements, all in the midst of a precipitous economic downturn.
The CEO is on his way out and the board has been dissolved at Rehabilitation Hospital of Indiana, as its owners—Clarian Health and St. Vincent Health—work to pull the hospital closer to their own operations.
Indianapolis-based WellPoint Inc. became the third U.S. health insurer this month to increase its 2010 profit forecast, stirring
investor concern that state and federal regulators may increase scrutiny of industry pricing.
Nearly four months after President Barack Obama signed a health reform bill into law, businesses are still grappling with its
impact on the health benefits they offer their employees.
The recent chatter followed the bank board’s decision to award CEO Milton J. Miller II a severance agreement entitling him to extra pay in the event of a merger.
