Business
Tenet board members leaving
NEWS IN BRIEF — Posted April 26, 2004
Three board members of Tenet Healthcare Corp. have told the troubled hospital chain that they won't seek re-election at the company's annual meeting.
Tenet's chair, Edward A. Kangas, said in a written statement on April 5 that the Rev. Lawrence Biondi and Sanford Cloud Jr. decided "to focus their energies on other endeavors." Their terms on the board were set to expire at the May 6 meeting. The company also announced that Robert C. Nakasone had submitted his notice of resignation from the board.
Tenet has come under fire in the last 18 months with government investigations of its billing practices and relationships with doctors. In an effort to reverse its fortunes, the company underwent a leadership overhaul last year and has launched a major restructuring of its operations.
Meanwhile, in its proxy statement filed with the Securities and Exchange Commission on April 5, Tenet disclosed details about the compensation of its executives.
The filing showed that Trevor Fetter, CEO and president, received $6.1 million in compensation in 2003. The figure included $848,539 in salary, a $262,500 bonus, $1.25 million in "other compensation," $3.7 million in restricted stock awards and nearly $34,000 in additional payment.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/04/26/bibf0426.htm.
