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Profile
A results-oriented executive whose passion is leading energetic, client-
centric company transformations. Experience growing data-driven
biomedical and health care services companies.
Experience
PRESIDENT, CNS RESPONSE INC. (NASDAQ OTC:BB - CNSO) COSTA MESA, CA 2007 - PRESENT
Breakthrough biomarker solution for psychotropic drugs
Leading commercialization of the company’s patented referenced-EEG® technology, the first predictive lab test for
psychiatric medications. Assembled superb team of managers, experts and influentials to launch a game-breaking
solution for treatment resistant mental disorders -- a major unmet clinical need. Managing commercial operations
including managed care/research clinic, reference lab), physician network and payer clients.
PRESIDENT, WORKWELL SYSTEMS, INC. ALISO VIEJO, CA! ! 2002 – 2007
National physical medicine startup
Turned around venture-backed “web” startup, from negligible revenues and $4 million ‘burn rate’ to $9 million
annual revenues, 54% gross margin, and strong EBITDA. Repositioned provider network and technology
platform to support health testing for large employers, delivering significant savings for clients. Won 2004
Innovation in Healthcare Award from ABL Organization for novel restaging of company.
CHAIRMAN & CEO, CORE, INC. (NASDAQ: CORE) IRVINE, CA 1990 – 2002
Leader in integrated health & productivity management
Led management buyout of struggling Baxter division, becoming a market leader in integrated health &
productivity management. Grew from $5.5 million to over $70 million in annual revenue, with 600 professionals
servicing over 1.8 million employees.
• Drove 38% annual revenue growth over the last five years, increasing EBITDA four-fold
• Managed sales team that developed 85 Fortune 500 and insurance carrier clients
• Awarded “best practice” designations and strategic partnerships with General Electric, Motorola. CS First Boston analyst said: “One could argue he’s created an industry.”
• OC finalist for Ernst & Young Entrepreneur of the Year Award, 1998
• Led key financing transactions, including venture round, acquisition of public company (S-4), and public secondary
• Increased market value 100x from LBO to acquisition by Fortis, Inc., a European insurance carrier
VICE PRESIDENT - OPERATIONS, BAXTER INTERNATIONAL (NYSE: BAX) DEERFIELD, IL 1984 – 1990
Global healthcare products
Progressed through positions in reimbursement, corporate strategic planning, and business development
(primarily medical device projects). Developed managed care operations in Puerto Rico and U.S.
SALES, SENIOR SYSTEMS CONSULTANT, INLAND STEEL COMPANY CHICAGO, IL 1980 – 1984Integrated steel producer
Led information systems projects in core steel operations. Developed novel ingot tracking approach to save
$300 million annually. Promoted through Operations, Sales and Marketing positions.
Education
MBA, University of Chicago, concentrations in Marketing & Finance 1985
BA, Dartmouth College, with Distinction in Policy Studies/International Law 1980
2 shelter cove laguna niguel, CA 92677 T: !949" 697#2161 Email: [email protected]
George C. Carpenter IV
Bio 2008 - BMO Conference 2007 - Advance Directors 2000 - LA Times
Turnaround notes
A results-oriented biomedical executive with a passion
for leading high growth and turnaround companies, George’s
focus is bringing new technology and business processes to
under-served markets.
Prior to CNS Response, George ran WorkWell Systems, a national physical medicine
firm managing health testing programs for Fortune 500 employers. From 1990 to 2001,
George served as Chairman and CEO of CORE, Inc., (Nasdaq: CORE) after leading the
management buyout of this division of Baxter Healthcare. CORE was a pioneer in
workforce health care management and analytics, establishing a record for clinical software
innovation and talent development that, in the words of one Wall Street analyst, "created
an industry". CORE was acquired in 2001 by Fortis Insurance.
Prior to founding CORE, George was a Vice President of Operations with Baxter
Healthcare, served as a Director of Business Development and as strategic planner for
Baxter’s alternate site businesses. His career began at Inland Steel in manufacturing process
control and Sales.
George has served on a number of biomedical advisory (Sanofi-Aventis, Elan, Purdue)
and corporate boards (CORE, WorkWell, Ambry Genetics, Remedy Interactive), and is a
frequent speaker and writer on healthcare technology and financing issues.
As President of CNS Response, Inc., (Nasdaq: CNSO) George is leading the
commercialization of the company’s patented rEEG® (referenced-EEG) technology for
psychiatric medication management. CNS Response has commercialized the first predictive
biomarkers for physicians, payers, and consumers in behavioral medicine.
He earned his MBA in Finance from theUniversity of Chicago Graduate School ofBusiness, and a BA with Distinction inInternational Policy & Law from DartmouthCollege. George and his family live in LagunaNiguel, CA.
2009
Bio 2008 - BMO Conference 2007 - Advance Directors 2000 - LA Times Turnaround notes
Some examples of the approaches that have worked for me in past companies:
1. At Baxter (!88) as VP of Operations I was put in charge of a Case Management unit rapidly losing money andcustomers. I had the operating software rewritten so that we could measure operating performance and bill moreeffectively, then firmed up key customers with strong service standards. I also set new targets and incentives forachieving billing goals. Result: happy national accounts, higher billings. Became the fastest growing and mostprofitable unit of the HDI division, and the cornerstone [and cash cow] of the management buyout I led in 1990 (whichbecame CORE). In fact, one of those customers -- Chrysler -- funded our LBO.
WorkWell Systems ($ 000)
CORE Inc. ($ 000)2. At CORE ("90) I led an employee buyout of our Baxter division, our chance to
“let the inmates run the asylum”. We all lived on spaghetti for the first coupleyears, and we definitely stretched payables, but ultimately we raised moneyfrom a venture capitalist who saw our turnaround chops and made us a greatdeal: he!d give us $3.5m at a great valuation if we!d turn around his strugglingMCO in California. This capital gave us the money to deploy our new clinicalsoftware product, WorkAbility, which had never sold under Baxter, and create anew market in the Fortune 500 for integrated health and productivitymanagement. WorkAbility became a $42 million business by 2001 -- thelargest division within CORE -- and the key driver of our 75 Fortune 500 clientrelationships.
We sold CORE in 2001 to Fortis, Inc. for 100x our original investment.
3. At WorkWell (!02) -- a “web company” with almost no revenues when I cameon board, and a $4 million annual “burn rate” with a little over $1 million incash. Made big cuts upfront, and many of us deferred salary. We changed themodel from nonrecurring revenues on software/books to a recurring service playusing updated software, changed markets to large F500 fleets, and sold acouple of large accounts by the end of the first year. Focused on operationalexcellence and got incredible results for those clients -- winning the Innovationin Health Care award in 2004. In 2005 we became profitable and expandedservices within our existing clients, reaching $9 million run rate in !07.
4. CNS Response (!08) is a company with an extraordinary technology to guideprescribing of psychiatric medications, facing a huge unmet clinical need intreatment-resistant patients. We!ve brought together a great team of inside andoutside experts to commercialize the technology as a reference lab forpsychiatry -- and are making great progress with physicians, consumers, andpayers.
2009george c carpenter iv
Bio 2008 - BMO Conference 2007 - Advance Directors 2000 - LA Times
Turnaround notes
CEO PROFILE
Carpenter and WorkWell continue to improve a good thing.
Fit to Lead
george c carpenter iv 2009
Bio 2008 - BMO Conference 2007 - Advance Directors 2000 - LA Times
Turnaround notes