Ex-Apria President Sees to His Professional Health

It comes as no surprise to those who have followed Timothy M. Aitken’s hugely rewarding career that the former local managed-care executive has landed on his feet.

Aitken, who pocketed millions when he left Costa Mesa-based home health giant Apria Healthcare Group Inc. two years ago, was recently appointed chairman and chief executive of Transworld Home HealthCare Inc. in New Jersey.

Aitken, 52, a former investment banker, joined the former Costa Mesa-based Abbey HealthCare Group Inc. as chairman and chief executive in 1991. Analysts credited him with quadrupling its profits and doubling its revenue over several years, though the company also experienced executive turnover during the period.

When Abbey merged in June 1995 with Fountain Valley-based rival Homedco Group Inc. to form Apria, Aitken received an unusually juicy deal that raised eyes in the investment community. He received both a multimillion-dollar buyout of his executive contract at Abbey and the job of vice chairman and president of Apria at a $370,000 salary plus bonuses.

However, Aitken resigned less than five months later and company filings indicate he went away with $5.5 million in compensation for 1995. Transworld, a regional provider of home-health products and services, earned $583,000 on revenue of $76.3 million during the year ended Oct. 31.

Barbara Marsh covers health care for The Times. She can be reached at (714) 966-7762 and at [email protected]