Tenet CEO steps down earlier than expected
- Tenet CEO Trevor Fetter has stepped down and resigned as a director of the company.
- Fetter had announced in August that he would step down by March 2018 or earlier if Tenet found a successor.
- Executive Chairman Ronald Rittenmeyer will serve as CEO while the company searches for a permanent successor.
Tenet, one of the largest U.S. hospital operators, has been facing investor pressure over the summer and is reportedly exploring a possible sale.
Fetter announced his resignation after the Dallas-based operator disclosed a $56 million loss in Q2 due to declining admissions. Around the same time, two board members from Glenview Management — Tenet's largest shareholder — stepped down.
Since then, Tenet has been preparing to sell assets, including all nine U.K. facilities, to reduce its $15 million debt load. Earlier this month, Tenet announced the sale of MacNeal Hospital to Loyola Medicine, signaling an exit of the Chicago market.
In addition, the hospital operator cut its regional management layer as a part of restructuring, another attempt to trim expenses and labor in the face of investor pressure and a possible sale.
Tenet will report its Q3 results Nov. 6.
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