Dive Brief:
- Carolinas Healthcare System CEO Michael Tarwater has announced that he will be retiring after 34 years. June 30, 2016, will be his final day.
- Under Tarwater's direction, the nonprofit system, which now includes 40 hospitals and 900 locations, has grown from 5,700 employees to 60,000.
- Annual net revenue has grown from $94 million to $8.7 billion.
Dive Insight:
The Carolinas HealthCare System board of commissioners is planning to hire an executive firm to help find Tarwater's replacement. "We would like him to be here forever," Edward Brown, chairman of the Carolinas HealthCare board of commissioners, told The Charlotte Observer. "Our goal is to find the next Michael or Michelle Tarwater.…We want to make sure that the legacy Mike has created here continues."
Tarwater announced his retirement a year in advance to give the board time to find a suitable replacement. Both in-house and outside candidates will be considered. Tarwater was paid $5.3 million in total compensation last year.