Molina Healthcare shareholders keep ousted CEO on board of directors

Long Beach, Calif.-based Molina Healthcare's recently fired CEO J. Mario Molina, MD, will stay on the board of directors, according to a Press-Telegram report. Company shareholders voted to keep Dr. Molina on the board, in addition to re-electing two other board members.

Early in May, the board fired Dr. Molina and his brother John Molina, the company's CFO. The board blamed the move on the company's poor financial performance.

The company ended the fourth quarter of 2016 with a $91 million net loss. But the company's first quarter 2017 earnings rose. The company reported a net income of $77 million, thrice the amount it made in the first quarter of 2016.

Mr. Molina, former CFO of the company, is also retaining a role on the board. The brothers are the sons of Molina Healthcare founder C. David Molina, according to the report.

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