Access Point investors take control
ST. LOUIS - Three top executives at Access Point Medical--including industry icon Jerry Jones--resigned last month as the company's lead investors made moves to improve profitability and reduce costs. Jones, who served for 14 years a chairman/CEO of Apria and its predecessor companies, served as co-chairman of Access Point along with Tom O'Donnell. O'Donnell and CEO Hans Stover also resigned, Jones said last week.
The investor group that is driving the agenda--Quadra Investments in New York City--prefers to run the company "in a way that is less committee and board driven," Jones said. "Rather than get Tom and I on the phone and ask for our opinion, they have views of how they'd like to do things."
That includes streamlining the company's portfolio of products by not emphasizing canes, crutches and other lightweight DME that, until now, might have served as loss leaders, Jones said. The company still has "plenty of cash, but clearly they have to look for ways to reduce their burn rate."