 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
Prepared Witness Testimony The House Committee on Energy and Commerce
The Financial Collapse of HealthSouth
Subcommittee on Oversight and Investigations
Mr. Larry Striplin
Mr. Chairman, Ranking Member, and members of the Subcommittee, good morning. My name is Larry Striplin, and I am a member of the HealthSouth Board of Directors. I joined the Board in April 1999, and have been proud to serve with the talented and experienced directors seated next to me today. As you know, HealthSouth grew from a company with two patient care facilities - one in Little Rock, Arkansas, and one in Birmingham, Alabama - to a company with more than 1,700 facilities across the country. HealthSouth has set the standard for providing state of the art rehabilitation services to patients ranging from professional athletes recovering from sports injuries to grandparents recovering from strokes. First, let me tell you about my background. I am a native of Selma, Alabama. I graduated from Birmingham-Southern College with a degree in education. I pursued my education at George Peabody College (now Vanderbilt University) in Nashville, Tennessee, where I obtained a masters degree in Education. I have owned and operated my own business, Nelson Brantley Glass Contractors, since 1963 and am currently CEO of this company. I also serve as CEO of Circle "S" Industries. Also, in 1977, I established American Fine Wire, which was one of Selma, Alabama's largest employers. I am a member of the boards of directors of Kulicke & Suffa Industries, Inc., which purchased American Fine Wire. In addition to my work with my own companies, I have always been actively involved in various civic activities. I was instrumental in establishing the Alabama Sports Hall of Fame and have served on its board of directors for twenty-three years, thirteen of those as Chairman. I also founded and serve as Chairman of the Bryant Jordon Student Athletic Foundation, which provides scholarships to student athletes. I have served as Chairman of the Birmingham Park and Recreation Board, a member of the Birmingham Business Leadership Council, and a board member of the Alabama Sports Foundation and the American Sports Medicine Institute. I am currently a Trustee of Birmingham-Southern College and its Executive Committee. I also serve on the board of the University of South Alabama. In part, it was HealthSouth's work in the field of sports rehabilitation that drew me to the Company. I was proud to help direct a company that had such a positive impact on the health and fitness of people from all walks of life. When the allegations of fraud came to light in March 2003, I was as shocked and dismayed as my fellow directors. Nonetheless, the Board quickly took steps to stem the crisis and stabilize the business. As you know, Mr. Scrushy was put on an immediate leave of absence, and we appointed Joel Gordon as Interim Chairman and Bob May as Interim Chief Executive Officer. Additionally, we brought in a first-rate team of experienced outside advisors - including Bryan Marsal, our Chief Restructuring Officer - to assist us in getting control of the situation. These three people - with the help of many others - have done an outstanding job. Our first priority, of course, was to ensure that HealthSouth was able to continue to provide the much needed healthcare services to all of its patients. I am pleased to report that HealthSouth has made tremendous progress over the past seven months under the leadership of the interim management team. Our employees have also played a very large role in the Company's recovery, and I would like to take this opportunity to thank them. They have remained focused on the task at hand and have continued to deliver high quality care to thousands of patients every day. Mr. Chairman I will, to the best of my ability, be glad to answer any questions you or other members of the Subcommittee may have.
|
|||||||||||
|
