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MCK stock report:
Shares Held: 16
Date Purchased: 13 Jan 99
HPD paid: $ 74.0569 p/share
Currently: $ 22 3/16 @ closing, 5-Jan-1900 - UP 1/4 pt !
Percentage Gain (Loss): (70.04)%
Annualized Return (Loss): (70.84%)
Strong Buy 2
Moderate Buy 2
Hold 15 (surprise!)
Moderate Sell 0
Strong Sell 0
Management changes in the news...
McKesson HBOC Names Craig Niemiec CFO of its ITB Unit
MCK announced today that it has named Craig G. Niemiec senior vice president,
chief financial officer, for its Information Technology Business (ITB)
headquartered in Alpharetta, Georgia. Niemiec will report to Graham O. King,
Niemec joins McKessonHBOC from Alltel Telecommunications, where he was chief
financial officer of its $1.2-billion Alltel Information Services subsidiary.
He was also president of professional services for Alltel Information
Services, overseeing an organization of 1,300 technical professionals
responsible for business process re-engineering and consulting projects.
Prior to joining Alltel in early 1997, Niemiec was group financial officer,
Travel and Transportation Industry, for Electronic Data Systems, where he
held various financial management positions during a 13-year tenure.
McKesson HBOC Names Richard Hernandez to New Position of President, Corporate
MCK announced today that it has named Richard J. Hernandez to the new
position of president, Corporate Solutions Group. Hernandez will be
responsible for positioning McKessonHBOC's comprehensive supply and
information management product offering to its largest customers, maintaining
relationships with their senior management and developing coordinated and
customized solutions to meet the needs of these customers. He will report to
John H. Hammergren, co-president and co-chief executive officer and will be
based in Alpharetta, Georgia.
Hernandez joins McKessonHBOC from Johnson & Johnson Health Care Systems,
Inc., for which he headed the Consulting and Services Business since its
formation in 1996. The Health Care Systems unit is Johnson & Johnson's health
management consulting and services business, including Surgery Management,
Expense Management, Outpatient Services, Ambulatory Surgery Centers and
Health and Fitness Services. Under Hernandez' management, revenues of its
Consulting and Services Business almost tripled in three years.
Prior to Johnson & Johnson, Hernandez was with IBM for 32 years. From 1993
until joining Johnson & Johnson, he was Chief Executive Officer of Technology
Service Solutions, a joint venture of IBM and Kodak, which is the world's
largest independent desktop services company for desktop and LAN-based, open
client/server systems. Earlier, he held a number of senior management
positions, predominantly in IBM's software services businesses.
MCK has made at least 2 of the "biggest losers" list for 1999, including CBS
Marketwatch and the Motley Fools
"One of the larger (if not the largest) scandals of the year came from
healthcare supply company McKesson HBOC (NYSE: MCK). Back in April the
company announced that earnings from prior years were to be restated thanks
to accounting irregularities, and over $190 million in previously reported
profits were expunged from its books. Not surprisingly, McKesson was
absolutely stoned on Wall Street, and many of the company's top brass were
given the boot. After peaking just below $90 in January, the stock has now
settled in the $20 range. With 281 million shares outstanding, that means
that McKesson has lost almost $20 billion in market value since January --
easily making McKesson a member of the "loser" list for 1999. Down 74%
See you Sunday!