{"id":529987,"date":"2021-08-19T17:03:06","date_gmt":"2021-08-19T21:03:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/two-nextgen-healthcare-directors-nominate-four-additional-candidates-for-election-to-the-board-at-2021-annual-meeting\/"},"modified":"2021-08-19T17:03:06","modified_gmt":"2021-08-19T21:03:06","slug":"two-nextgen-healthcare-directors-nominate-four-additional-candidates-for-election-to-the-board-at-2021-annual-meeting","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/two-nextgen-healthcare-directors-nominate-four-additional-candidates-for-election-to-the-board-at-2021-annual-meeting\/","title":{"rendered":"Two NextGen Healthcare Directors Nominate Four Additional Candidates for Election to the Board at 2021 Annual Meeting"},"content":{"rendered":"

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\nTwo NextGen Healthcare Directors Nominate Four Additional Candidates for Election to the Board at 2021 Annual Meeting\n<\/p>\n

Founder and Director Sheldon Razin and Director Lance Rosenzweig Issue Open Letter to Fellow Shareholders Regarding the Need to Further Refresh and Reinvigorate the Board<\/i><\/b><\/p>\n

Cite Serious Concerns Regarding Imperial Chairman Jeffrey Margolis, who has Presided Over Insular Corporate Governance and Years of Poor Performance<\/i><\/b><\/p>\n

Well-Rounded Slate of Additional Candidates Possesses Capital Markets Acumen, Corporate Governance Know-How, Diverse Backgrounds, and Healthcare and Technology Experience \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/i><\/b><\/p>\n

IRVINE, Calif.–(BUSINESS WIRE<\/a>)–
\nSheldon Razin, who collectively with the candidates he is nominating owns approximately 15.2% of the outstanding common shares of NextGen Healthcare, Inc. (Nasdaq: NXGN) (\u201cNextGen Healthcare\u201d or the \u201cCompany\u201d), today announced the nomination of four additional highly-qualified and independent candidates for election to the Company\u2019s Board of Directors (the \u201cBoard\u201d) at the upcoming Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) on October 13, 2021. In addition, Mr. Razin and Lance Rosenzweig issued the below letter to their fellow shareholders.\n<\/p>\n

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\nDear Fellow Shareholders,\n<\/p>\n

\nAs long-serving directors of NextGen Healthcare, we have always placed the highest priority on the Company\u2019s growth and evolution. This is why we continue to serve on the Board and maintain meaningful shareholdings. Unfortunately, we feel that our ability to help deliver strong value for shareholders has been impeded in recent years due to Chairman Jeffrey Margolis and his allies establishing an imperial boardroom culture and effectively assuming control of the Board. Despite the Company\u2019s dramatic underperformance during Mr. Margolis\u2019 tenure, he has consistently dismissed divergent viewpoints and focused instead on tightening his grip over corporate decision-making.\n<\/p>\n

\nWe have spent the past several months trying to build bridges with our fellow directors, including Mr. Margolis and his allies, in order to help stabilize the business. Regrettably, it has become clear to us that most of the Board is unwilling to take the steps that we feel are needed to reverse NextGen Healthcare\u2019s anemic growth, deteriorating margins, poor hiring and operational practices, and wasteful capital allocation policy. Moreover, we believe the formation of an Executive Leadership Committee was an insufficient substitute for identifying an interim or permanent Chief Executive Officer that is capable of pursuing enhanced value creation for all of the Company\u2019s stakeholders. This appears to be a consequence of leadership\u2019s poor succession planning, as our recommendations to properly plan for such an event were ignored. We have urged the Board to now prioritize the evaluation of external candidates and wait until after the Annual Meeting to allow a reconstituted Board to select the new Chief Executive Officer.\n<\/p>\n

\nIn light of these issues, we feel compelled to take the extraordinary step of nominating a slate of additional director candidates that possesses fresh perspectives and modern healthcare and technology experience. We believe the Company\u2019s shareholders deserve a Board that is diverse, innovation-focused and open-minded. In our view, an adequately refreshed and reinvigorated Board is essential to ending years of stagnation and underperformance relative to peers.\n<\/p>\n

\nIn addition to the two of us, the Razin slate includes the following four individuals:\n<\/p>\n

Kenneth H. Fearn<\/span><\/b><\/p>\n

Mr. Fearn has deep capital markets acumen, significant strategic planning experience and strong knowledge of public company governance. We believe he has the right background for helping the Board establish an accretive capital allocation framework and once again embrace a growth-focused mindset. <\/b><\/p>\n