+ Biography

Timothy R. Murphy

Timothy R. Murphy (Tim) serves as Chief Executive for The Stepping Stones Group, a leading provider of therapy and education solutions to children with special needs and autism in educational settings with over 2,300 employees serving approximately 400 school districts in over 30 states. He joined the company in June 2018 and is responsible for strategic planning and execution, board and investor management, financial performance, merger and acquisition strategies, human capital performance and relations, communications and culture. The company is privately held and majority owned by Five Arrows Capital Partners, a division of Rothschild Merchant Banking.

He previously served as President and Chief Executive Officer of Beacon Health Options (Beacon) and its predecessor companies from 2007 to 2017. Beacon and its subsidiaries specialize in the management of mental health, substance use and employee assistance program services for individuals dealing with behavioral health challenges with a particular focus on vulnerable populations. The company is a result of the merger between Beacon Health Strategies and ValueOptions in December 2014. Beacon is the largest independent managed behavioral healthcare company in the United States. The company employs approximately 4,600 individuals and deliver its services on behalf commercial health insurers, Medicaid managed care plans, Medicare advantage plans and employers. The company is privately-held by Bain Capital and Diamond Castle Holdings (predecessor fund to Five Arrows Capital Partners) and was announced to be acquired by Anthem in June 2019 with an expected closing in later in the year.

Prior to the merger with ValueOptions, Tim was President and then Chief Executive Officer of Beacon Health Strategies. A small, founder-owned company upon his arrival, Tim and his leadership team developed and executed strategies that grew the company from $35 million and 140 employees to approximately $550 million and 1,500 employees, respectively, over seven years.

Before joining Beacon, Tim served as the Secretary of Health and Human Services for the Commonwealth of Massachusetts under Governor Mitt Romney. In this capacity, he oversaw a $12

billion budget and approximately 22,000 employees who delivered programs and services through 15 state agencies to more than one million Massachusetts residents.

His signature accomplishment during his tenure as Secretary was the development, passage, and early implementation of the landmark Massachusetts health care reform law. He was the principal architect of health care reform in Massachusetts. This pioneering approach gave each Massachusetts resident the opportunity to access affordable health insurance and improve the value of the health care delivery system. This reform law is credited with reigniting the national health care debate that resulted in the Affordable Care Act.

Preceding his service in the Romney Administration, Tim was a vice president in the investment banking division of JP Morgan. He provided strategic advice and arranged for capital raising on behalf of for- profit and not-for-profit healthcare service companies and organizations. Later in his career at JP Morgan, Tim provided leading private equity firms with advisory and financing services on their acquisitions, including companies such as Sealy Mattress and Domino’s Pizza.

He holds a bachelor’s degree from Merrimack College, where he served as a member of the college’s Board of Trustees from 2007 – 2016, including service as chair. He holds a master’s degree in public policy from Harvard University Kennedy School of Government. He was awarded an honorary doctorate degree from Merrimack College in 2014 for his contributions to public service.

A native of Massachusetts, Tim resides in Cohasset, MA with his wife Courtney and their two daughters, Vivianna and Francesca.

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