LAKE FOREST, Calif., Dec. 2, 2008 (GLOBE NEWSWIRE) -- Apria Healthcare Group Inc., a portfolio company of The Blackstone Group, today announced that Norman C. Payson, MD has been appointed Chief Executive Officer of the national home healthcare services provider. Dr. Payson has served as the Executive Chairman and Interim Chief Executive Officer since The Blackstone Group's October 28, 2008 purchase of the company. Prior to serving in this dual role, Dr. Payson was a member of the Company's Board of Directors for two years.
Blackstone Senior Managing Director Neil Simpkins said, "We are very pleased that Dr. Payson will lead Apria Healthcare as Chief Executive Officer. Dr. Payson's past experience as CEO of two multi-million member publicly traded health plans and expertise in the transition of complex healthcare businesses will be central to Apria's success."
A graduate of the Massachusetts Institute of Technology, Dr. Payson received his Doctor of Medicine (MD) degree at Dartmouth Medical School after which he practiced as a primary care physician including service at a Native American Reservation in the public health service. While practicing as a physician, Dr. Payson was active as a physician leader and became Medical Director and CEO of a large multi-specialty medical group. Dr. Payson then co-founded and served as CEO of a physician sponsored health plan, Healthsource, which became publicly traded and reached 15 states with three million members. After the sale of Healthsource to Cigna Corporation, Dr. Payson led the dramatically successful turnaround of Oxford Health Plans, greater New York City's largest health plan. After Oxford, Dr. Payson was engaged in successfully transforming other large health care companies including private equity sponsored enterprises.
Dr. Payson has also been active as a mentor in the Dartmouth Medical School and Tuck School combined M.D.-M.B.A. Program and as a graduate student lecturer at Dartmouth, the Columbia University Mailman School of Public Health and the University of Chicago Booth School of Business. Dr. Payson is on the Board of Directors of several charitable or educational institutions including the City of Hope, a tertiary cancer hospital and research center; Medicine in Need, a charitable Gates Grand Challenge awarded biotechnology company and the Dartmouth Medical School, Board of Overseers.
About Apria Healthcare Group Inc.
Apria provides home respiratory therapy, home infusion therapy and home medical equipment through approximately 550 locations serving patients in all 50 states. With over $1.6 billion in annual net revenues ($2.1 billion if Apria's December 3, 2007 acquisition of Coram, Inc. were included for the full year), it is the nation's leading home healthcare company. Further information is available at www.apria.com.
About The Blackstone Group
Blackstone (NYSE:BX) is one of the world's leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its extraordinary people and flexible capital. Blackstone's alternative asset management businesses include the management of corporate private equity funds, real estate funds, hedge funds, funds of funds, debt funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.