The Oncology Institute Announces Leadership Transition
June 12 2023 - 5:00AM
The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the
“Company”), one of the largest value-based community oncology
groups in the United States, today announced that, by mutual
agreement with the Board of Directors, Brad Hively will step down
as Chief Executive Officer effective June 30, 2023. Dr. Daniel
Virnich, the current President of TOI, will become CEO. Mr. Hively
will transition to the role of Vice Chairman of the Board of
Directors.
Dr. Daniel Virnich has been with The Oncology Institute since
2020, initially as Chief Operating Officer before being promoted to
President. He joined TOI from DaVita where he was most recently
President of the Florida Region. He was previously National Chief
Medical Officer at TeamHealth Acute Care Services.
TOI’s Chairman, Richard Barasch, said, “I want to congratulate
Dr. Virnich on his promotion to CEO. Since joining TOI, he has
proven himself to be a superb leader, a fierce patient advocate,
and a tenacious operator. We are confident that Dr. Virnich is the
right person to lead TOI forward.”
Dr. Virnich commented, “I am honored by the opportunity to lead
TOI at this exciting time, and I want to thank Brad and Richard for
the confidence they have placed in me. I am proud of TOI’s position
as the largest value-based oncology group in the country, and our
track record of delivering access to state-of-the-art high-quality
care to underserved populations in the community. As TOI’s next
CEO, I will work tirelessly on behalf of our patients, providers,
and teammates to further this critical mission.”
Mr. Hively joined TOI as a member of its Board of Directors in
2018 following the recapitalization of TOI by private equity
investors and was appointed CEO in 2019. Under his leadership, TOI
evolved from a privately held regional oncology practice into a
publicly traded national leader in value-based oncology.
Mr. Barasch continued, “On behalf of the Board, I would like to
thank Brad for the important role he has played at TOI to help
build it into the nationwide leader in value-based oncology. As
CEO, he led the Company through expansion into eight new markets,
three new service lines, pioneered new value based contracting
models, and successfully navigated a go-public process. Brad leaves
TOI in sound financial condition and poised to capitalize on
significant growth opportunities.”
Mr. Hively said, “As we approach the 5-year anniversary of my
involvement with TOI, I reflect with pride on the company we have
built, the culture we have developed, and the patient care we have
delivered. I began my service to TOI as a Board Member, and now is
the right time for me to transition back into a Board role, and for
Dr. Virnich to take over as CEO to build on our strong foundation
of high-quality, cost-effective oncology care. As Vice
Chairman I will focus my efforts on TOI’s strategic partnerships,
growth opportunities, talent development, and governance.”
About TOIFounded in 2007, TOI is advancing oncology by
delivering highly specialized, value-based cancer care in the
community setting. TOI offers cutting-edge, evidence-based cancer
care to a population of approximately 1.8 million patients
including clinical trials, transfusions, and other care delivery
models traditionally associated with the most advanced care
delivery organizations. With 100+ employed clinicians and more than
700 teammates in over 60 clinic locations and growing, TOI is
changing oncology for the better. For more information visit
www.theoncologyinstitute.com.
Contacts
MediaThe Oncology Institute, Inc.Daniel Virnich,
MDdanielvirnich@theoncologyinstitute.com(562) 735-3226 x 81125
InvestorsSolebury Strategic
Communicationsinvestors@theoncologyinstitute.com
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