8-K: Privia Health Group Expands Board, Appoints Technology Veteran Lance Berberian to Audit Committee
Management Change and Corporate Governance Update
Privia Health Group, Inc. announced the expansion of its Board of Directors to ten members and the appointment of Lance V. Berberian, a seasoned technology and cybersecurity expert, as a Class III director and member of the Audit Committee, effective July 15, 2025.
Summary
- Privia Health Group, Inc. increased the size of its Board of Directors from nine to ten members.
- Lance V. Berberian was elected to the Board as a Class III director, effective July 15, 2025.
- Mr. Berberian was also appointed as a member of the Audit Committee of the Board, effective July 15, 2025.
- The Board determined Mr. Berberian to be independent according to Nasdaq Stock Market standards and heightened independence, financial sophistication, and financial literacy requirements for Audit Committee service.
- Mr. Berberian will receive an annual cash retainer and an annual equity grant of restricted stock units with a grant date fair market value of $200,000, pro-rated for his initial service period, as compensation for his director service.
- Mr. Berberian brings over 30 years of experience in technology strategy, digital transformation, IT governance, infrastructure management, and cybersecurity.
- He previously served as EVP and Chief Information and Technology Officer at Labcorp Holdings Inc. from 2014 to October 2024, overseeing a team of 5,000 people.
- Privia Health operates in 15 states and the District of Columbia, optimizing over 1,200 physician practices and serving more than 5.2 million patients.
Sentiment
Score: 8
Explanation: The sentiment is positive due to the strategic addition of a highly experienced and independent technology expert to the Board and Audit Committee, which is expected to support the company's growth and enhance governance.
Positives
- The appointment of Lance V. Berberian brings extensive technology strategy, digital transformation, IT governance, infrastructure management, and cybersecurity expertise to the Board.
- Mr. Berberian's experience, including his role at Labcorp, is expected to be invaluable as Privia Health continues to grow its business and build scaled provider networks across the U.S.
- His independence and qualifications meet the heightened standards for Audit Committee service, enhancing corporate governance.
Risks
- The release may contain forward-looking statements that involve risks and uncertainties, some beyond the Company's control, which may cause actual results to differ materially.
- These risks and uncertainties include factors described in filings with the Securities and Exchange Commission (SEC), including those under 'Risk Factors' therein.
Future Outlook
The company aims to continue growing its business and building scaled provider networks across the U.S., leveraging new expertise in technology strategy and digital transformation.
Management Comments
- "We are excited to welcome Lance to our Board of Directors. Lance brings extensive technology strategy and digital transformation experience to the Board, including IT governance, infrastructure management and cybersecurity. We believe his expertise will be invaluable to Privia Health as we continue to grow our business and build scaled provider networks across the U.S." David King, Chairman of the Board, Privia Health Group, Inc.
Industry Context
The appointment of a technology strategist with deep experience in digital transformation and cybersecurity aligns with the broader healthcare industry's increasing reliance on technology, data management, and digital solutions to optimize patient care, improve efficiency, and manage risks. As a physician enablement company, Privia Health's growth and network expansion heavily depend on robust technological infrastructure and strategic digital initiatives.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Class III Director | Lance Berberian | 2025-07-15 | Election to the Board following an increase in Board size. | |
| Member of the Audit Committee | Lance Berberian | 2025-07-15 | Appointment to the Audit Committee due to his financial sophistication and literacy. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Size Increase | The Board of Directors increased its size from nine to ten directors. | 2025-07-15 | Expands the Board's capacity and allows for the addition of new expertise. |
| Audit Committee Appointment | Lance Berberian was appointed as a member of the Audit Committee, meeting independence, financial sophistication, and financial literacy requirements. | 2025-07-15 | Strengthens the Audit Committee's oversight, particularly in areas of technology and cybersecurity given Mr. Berberian's background. |
Related Party Transactions
- There are no arrangements or understandings between Mr. Berberian and any other persons pursuant to which he was selected as a director.
- There are no transactions in which Mr. Berberian has a direct or indirect material interest requiring disclosure under Item 404(a) of Regulation S-K.
Stakeholder Impact
- Shareholders: Benefit from enhanced corporate governance and the addition of strategic technology expertise to the Board, potentially supporting long-term growth and risk management.
- Management: Gains a new director with significant experience in digital transformation and IT governance, which can provide valuable guidance for strategic initiatives.
- Employees: May benefit from improved technological infrastructure and strategic direction, potentially leading to more efficient operations.
Next Steps
- Mr. Berberian will receive an initial equity grant pro-rated for his service through the date of the next annual meeting of stockholders.
Key Dates
| Date | Description |
|---|---|
| 2025-07-03 | Date of earliest event reported on Form 8-K. |
| 2025-07-08 | Date the Company issued a press release announcing the election of Mr. Berberian to the Board and date the 8-K report was signed. |
| 2025-07-15 | Effective date of Lance Berberian's election to the Board as a Class III director and his appointment to the Audit Committee. |
| 2024-10-01 | Approximate end date of Mr. Berberian's tenure as EVP and Chief Information and Technology Officer at Labcorp Holdings Inc. |
Keywords
Board of Directors, Corporate Governance, Director Appointment, Audit Committee, Technology Strategy, Cybersecurity, Digital Transformation, Healthcare Technology, Physician Enablement, Privia Health
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