Multinational US-based Tenet Healthcare has announced that its Chief Executive Officer, Trevor Fetter, will be stepping down within six months, as the company looks for a successor in an attempt to ‘refresh the composition of its board’.
“I would like to thank the Board of Tenet for their confidence and support during my tenure. I am proud of what we accomplished in transforming the company, and strongly believe the 130,000 Tenet employees will continue focusing every day on advancing the company’s mission,” Fetter said.
“I have no doubt that Tenet will be a leading force in creating a better healthcare system and I look forward to assisting during the transition.”
Succeeding Fetter as the senior-most figure at the healthcare services company will be Ronald Rittenmeyer, who will be named as Executive Chairman of the company.
“The changes announced today will ensure Tenet remains focused on providing high quality care to patients, innovating in ways that meet the demands of today’s healthcare market, and driving operational and financial performance in a manner that maximises shareholder value,” Rittenmeyer said.
Fetter has served as CEO for Tenet since 2003, overseeing a large portion of the company’s growth, now possessing 77 acute-care hospitals, 21 short stay hospitals and more than 460 patient centres throughout its network of partners and subsidiaries.
“The Board of Directors thanks Trevor for his significant contributions to Tenet and appreciates his commitment to remain with the company during the transition period,” Rittenmeyer continued.
“During Trevor’s tenure, Tenet has built a strong enterprise that is aligned with the trends driving healthcare, and which provides multiple channels for growth across the company’s Hospital, Ambulatory and Conifer segments.”
Rittenmeyer’s appointment is an inward promotion, with the new Executive Chairman having previously served as the lead director at Tenet, holding a board position at the company since 2010.