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Head Of Precis Resigns

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Precis Inc., a provider of health care discount cards, says Judith Henkels has resigned as chairman, president and chief executive for “personal medical reasons.”[@@]

The board of directors of Precis, Grand Prairie, Texas, appointed Frank Apodaca to be president and Nicholas J. Zaffiris, a board member, to be chairman of the board.

Apodaca had been chief operating officer of Precis since February and was also president of the company’s Access HealthSource subsidiary, which it bought in 2004.

Henkels told the board she could no longer effectively run the company due to personal medical reasons, according to papers filed with the SEC by the company.

“Initiating changes of this magnitude is difficult for everyone involved,” Zaffiris says in a statement. “However, the board is dedicated to doing everything in its power to drive the company to higher levels of operational performance and to achieve a commensurate enhancement of shareholder value. We firmly believe that operationally and strategically, Frank Apodaca as president of the company represents a solid first step in this direction.”

Precis recently reported revenue of $8.7 million, for the first quarter, down from $9.9 million for the first quarter of 2004.