Liberty president resigns; company lays off 25

Sunday, January 25, 2004

January 26, 2004

PORT ST. LUCIE, Fla. - W. Keith Trowbridge, the president of Liberty Healthcare, resigned last week after five years at the helm of the mail-order giant. Trowbridge oversaw Liberty Medical Supply, the nation’s leading direct-to-consumer diabetes provider.

Trowbridge left to pursue other interests. He is being replaced by 38-year-old Stephen C. Farrell, the chief financial officer of Liberty Healthcare's Woburn, Mass.-based parent company PolyMedica Corp.

Trowbridge told reporters last Wednesday that his decision to resign was strictly personal and had nothing to do with the ongoing federal investigation into allegations of Medicare fraud at Liberty Medical, according to a Florida newspaper.

"I've been there five years and that's a long time - I thought the timing was right,"said Trowbridge. "I've had a good run and I've built a good team there. I'm real proud of them, and I feel privileged to have been part of that team."On the heels of Trowbridge’s resignation, Liberty laid off 25 employees in what a PolyMedica spokesperson termed a "tuning of the business,"according to news reports.

Company officials vigorously denied rumors that additional layoffs were in the works.