Tenet Healthcare said Thursday that its chairman and chief executive would step down from those roles by March as the company seeks to “refresh” its board.
Trevor Fetter will stay in those roles until March 15 or earlier, depending on whether a successor is appointed during the transition period. Fetter has served as CEO since 2003, and the company has already begun its search for a new chief.
Meanwhile, independent director Ronald A. Rittenmeyer will become the company’s executive chairman effective immediately, making him the senior-most executive at Tenet, according to a release from the company.
The moves come about two weeks after Glenview Capital Management, which is Tenet’s largest shareholder, pulled two representatives off the company’s board, citing “irreconcilable differences.”
Shares of Tenet were flat during after-hours trading, but have increased nearly 16 percent so far this year. The company has a market cap of $1.73 billion, according to FactSet.
Reuters contributed to this article.
Tenet Healthcare CEO to step down by March 2018