CorVel Corporation (NASDAQ:CRVL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 17, 2017, CorVel Corporation’s (the “Company’s”) Board of Directors approved the promotion of Michael Combs, the Company’s Chief Information Officer, to the position of President to be effective on April 1, 2017, while V. Gordon Clemons, Sr. will continue as Chairman of the Board and Chief Executive Officer of the Company. Mr. Combs has been with the Company for 26 years, joining the Company as a software engineer in 1991. He was promoted to Vice President of MedCheck Development in 2005, to Deputy Chief Information Officer in 2014, and to Chief Information Officer in April 2015. Mr. Combs is 53 years old and has a current annual salary of $250,000. Since April 1, 2016, Mr. Combs has been granted stock options for 23,500 shares of common stock and is eligible for a discretionary annual bonus and discretionary option grants to the Company’s stock option plan. Mr. Combs also participates in the Company’s standard employee benefit plans.

There are no arrangements or understandings between Mr. Combs and any other persons to which he was selected as an officer. In addition, there are no family relationships between Mr. Combs and any other director or executive officer of the Company.

Michael Saverien, Senior Vice President, will be promoted to the position of Executive Vice President, Risk Management Services, to be effective on April 1, 2017. Mr. Saverien has been with the Company for 14 years, joining the Company as a Branch Manager in 2003. He was promoted to Area Vice President in 2005, to Regional Vice President in 2008 and to Senior Vice President in 2011. Mr. Saverien is responsible for the Company’s field operations in 21 Western states. Mr. Saverien is 46 years old and has a current annual salary of $240,000. Since April 1, 2016, Mr. Saverien has been granted stock options for 9,800 shares of common stock and is eligible for a discretionary annual bonus and discretionary option grants to the Company’s stock option plan. Mr. Saverien also participates in the Company’s standard employee benefit plans.

There are no arrangements or understandings between Mr. Saverien and any other persons to which he was selected as an officer. In addition, there are no family relationships between Mr. Saverien and any other director or executive officer of the Company.

Maxim Shishin, Vice President, Information Systems, will be promoted to the position of Chief Information Officer to be effective on April 1, 2017. Mr. Shishin has been with the Company for 14 years, joining the Company as a Senior Software Engineer in 2002. His prior positions include Software Engineering Manager, Director of Software Engineering and Vice President of Information Systems. Mr. Shishin holds a Master’s degree in Software Engineering from Portland State University. Mr. Shishin is 42 years old and has a current annual salary of $185,000. Since April 1, 2016, Mr. Shishin has been granted stock options for 9,250 shares of common stock and is eligible for a discretionary annual bonus and discretionary option grants to the Company’s stock option plan. Mr. Shishin also participates in the Company’s standard employee benefit plans.

There are no arrangements or understandings between Mr. Shishin and any other persons to which he was selected as an officer. In addition, there are no family relationships between Mr. Shishin and any other director or executive officer of the Company.

About CorVel Corporation (NASDAQ:CRVL)

CorVel Corporation (Corvel) is a provider of workers’ compensation solutions for employers, third party administrators, insurance companies and government agencies. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers. The Company’s network solutions include bill review, preferred provider organization (PPO) management, professional review, provider reimbursement, pharmacy services, directed care services, medicare solutions and clearinghouse services. The Company’s patient management services include claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, life care planning, disability management, liability claims management and auto claims management.

CorVel Corporation (NASDAQ:CRVL) Recent Trading Information

CorVel Corporation (NASDAQ:CRVL) closed its last trading session up +0.55 at 41.60 with 49,802 shares trading hands.