Healthcare Staffing Report: March 10, 2016

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Investment firm seeks to add members to Team Health’s board

Investment firm JANA Partners claimed Team Health Holdings Inc. (NYSE: TMH) had “made missteps in critical areas,” and wants to add three new members of its choice to Team Health’s board, according to a filing with the US Securities and Exchange Commission.

JANA recently paid $234 million to acquire shares in Team Health and owns 8.0% of the company’s shares. Team Health provides healthcare services; its operations include healthcare staffing provider D&Y.

JANA’s proposed nominees include Edwin Crawford, who formerly served as chairman of CVS Caremark Corp.; Nancy Schlichting, president and CEO of Henry Ford Health Systems; and Scott Ostfeld, a partner at JANA.

In a statement, Team Health reported its nominating/governance committee will review JANA’s proposal.

The company “welcomes communications with its shareholders and values input toward the goal of enhancing shareholder value,” Team Health said. “We have listened carefully to feedback from our shareholders and our board and management team, with the assistance of the company’s financial advisors, have evaluated a variety of strategies to achieve this goal. Our board’s focus is on enhancing shareholder value and it has and will continue to evaluate all alternatives and make decisions that are in the best interest of all of our shareholders.”

Last year Team Health received and rejected two merger offers by AmSurg Corp.