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Tenet Healthcare Corp (NYSE:THC) Reports CEO Transition

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Tenet Healthcare Corp (NYSE:THC) reported that CEO and Chairman Trevor Fetter will resign from his roles as CEO and Director at the earlier of when a successor is finalized or March 15, 2018. Current independent lead director Mr. Ronald A. Rittenmeyer has been appointed as Executive Chairman effective immediately. In that profile, Rittenmeyer will work as the senior-most executive at the firm. The Board has engaged Russell Reynolds Associates to perform a search for a new CEO.

In addition, the company has initiated a process to refine the composition of its Board. This procedure is planned to ensure that the Board showcases the best mix of experience and skills to maximize the value of the firm. Through this procedure, the firm anticipates to further refine the Board’s expertise in segments directly relevant to Tenet’s business.

The highlights

Rittenmeyer reported that the changes reported will ensure the company remains focused on offering high quality care to patients, advancing in ways that fulfill the demands of prevailing healthcare market, and driving financial and operational performance in a manner that enhances shareholder value. The Board appreciates Fetter for his significant contributions to company and his commitment to stay associated with Tenet during the transition period.

During Fetter’s tenure, the company has established a strong enterprise that is allied with the trends leading healthcare, and which offers numerous channels for growth across the firm’s Hospital, Conifer and Ambulatory segments.

Rittenmeyer continued that he look forward to be associated with the rest of the Board to perform an extensive search process that will finalize a new CEO to lead Tenet into the future, and warrant that during this period the firm stays on track with strategies to lead operating performance improvement, lower leverage ratios, and offer quality healthcare to the communities and patients they serve. Fetter expressed that he would like to thank Tenet’s Board for their support and confidence during his tenure.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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