Air Methods adds Voce Capital Management director to board
Air Methods, the largest air medical operator in the US has added Joseph Whitters as a director representing activist investor Voce Capital Management.
The investor, which owns an estimated 5% of Air Methods stock, has been arguing that the company should be taken private for almost a year. In a letter in September 2015 Voce Capital Management said that Air Methods was “a great company but a crummy stock.”
Whitters is an executive partner at investment company Frazier Healthcare Partners. He has served on a number of boards and was also chief financial officer at First Health, a managed care organisation, which he helped take public.
“We appreciate the constructive input we have received from Voce. Air Methods has long benefited from a strong board that comprises industry leaders, and we are pleased to welcome Joe Whitters as a new independent director,” said C. David Kikumoto, chairman of the Air Methods board of directors.
“We are confident that he will add valuable healthcare investment perspective to our board as together we help guide Air Methods’ continued execution of its strategic initiatives to drive growth and shareholder value.”
Whitters’ appointment means that board now comprises of 12 directors – 11 of whom are independent. Two other directors are planning to retire soon. Air Method’s board has also agreed that all directors – including Aaron Todd, Air Methods’ chief executive and executive director – will now stand for re-election each year.
“As a long-time Air Methods investor, we believe the board will benefit from Joe’s considerable skills and experience,” said J. Daniel Plants, founder and chief investment officer of Voce. “We look forward to continuing to work constructively with the Air Methods board and management team to enhance value for all shareholders.”