Cano Health ‘disappointed that three directors chose to resign’

Cano Health issued the following statement: "Our Board and management team have devoted considerable time and resources to analyzing the Company’s performance, operations, financial strength, and potential against the backdrop of the challenges the Company and the sector have faced. While we fully recognize the recent disappointing share price performance, our work has supported our strong confidence in the Company’s mission and fundamentals, our commitment to driving operational and financial improvements, and our belief in the Company’s continuing prospects for long-term shareholder value creation. We are disappointed that three directors chose to resign due to what we believe is their focus solely on the short term. We strongly disagree with their representations about the Company and their assessment of Dr. Hernandez’s performance. It is particularly concerning that Mr. Sternlicht decided to share his individual perspective on confidential Board deliberations and communications, which is misleading to shareholders and undermines the Board’s ability to engage in the vigorous exchange of diverse views that is necessary for good governance. The Company finds Mr. Sternlicht’s method of resignation particularly reckless and obviously at cross-purposes with shareholders’ best interests. Boards must have healthy debate about how best to drive shareholder value, including in difficult circumstances. It is irresponsible to air those debates in ways that are meant to undermine healthy Board debate and harm the Company and shareholders. Cano Health’s Board and management will continue to work closely together, with intensity, to improve operational execution, enhance cost discipline, and achieve positive free cash flow. Cano Health has established a strong performance track record-providing patients improved access to care, lowering hospital admissions, and significantly reducing medical costs. This is where our focus will remain. We look forward to communicating further over the coming months as the Company takes meaningful actions to realize its potential on behalf of all of its stakeholders and to create long-term shareholder value."