- Push-out Score determined
- After less than four years in the position
- Praise for Rittenmeyer
- Saum Sutaria taking over
- Rittenmeyer will remain as Executive Chairman at Tenet Healthcare
- Rittenmeyer made a lengthy statement and said 208 words
(exechange) — Dallas, Texas, August 9, 2021 — Ron Rittenmeyer, chief executive of Tenet Healthcare, leaves his position. As announced by Tenet Healthcare Corp. in a news release and in a regulatory filing published on Monday, August 9, 2021, Ronald A. (Ron) Rittenmeyer leaves his post as chief executive officer at the hospital chain after less than four years in the role, effective September 1, 2021.
Ron Rittenmeyer’s duties as CEO will be taken over by Saum Sutaria, currently President and Chief Operating Officer at Tenet Healthcare Corp.
It is a generational change as well. Saum Sutaria is about 25 years younger than Ron Rittenmeyer.
“Long-term leadership succession plan”
Ron Rittenmeyer’s departure from the CEO post is explained as follows. Tenet Healthcare said: “Tenet Healthcare Corporation (NYSE: THC) today announced the next step in its long-term leadership succession plan.”
Rittenmeyer will remain as Executive Chairman at Tenet Healthcare
“Ron Rittenmeyer, who has served as CEO and Executive Chairman for nearly four years, will continue as Executive Chairman of the Company and the Board through 2022,” Tenet Healthcare said.
Tenet Healthcare said: “[I]n furtherance of the Company’s long-term succession plan, Ronald A. Rittenmeyer will transition from Chief Executive Officer of the Company and continue as the Executive Chairman of the Company and the Board of Directors of the Company through 2022, and Saumya Sutaria, M.D., will be promoted from President and Chief Operating Officer of the Company to the Chief Executive Officer of the Company, in each case effective as of September 1, 2021.”
Share price increase since August 2018
The announcement follows an increase in Tenet Healthcare Corp.’s share price of 84% since August 2018.
In the position of CEO since 2017
Ron Rittenmeyer became CEO of the Company in 2017.
Rittenmeyer was named Executive Chairman of Tenet in August 2017 and Chief Executive Officer in October 2017.
He has served on the Company’s Board since 2010, including serving as Lead Director before he became Executive Chairman.
He previously served as Chairman of the Board and Chief Executive Officer of Millennium Health, LLC, a health solutions company.
He served as the Chairman, President and Chief Executive Officer of Expert Global Solutions, Inc., a provider of business process outsourcing services, from 2011 to 2014.
From 2005 to 2008, Rittenmeyer held a number of senior management positions with Electronic Data Systems Corporation, including Chairman and Chief Executive Officer, President, Chief Operating Officer and Executive Vice President, Global Service Delivery.
Prior to that, he was a managing director of the Cypress Group, a private equity firm, serving from 2004 to 2005.
He served as Chairman, Chief Executive Officer and President of Safety-Kleen Corp. from 2001 to 2004.
He formerly served as Chairman of the Federation of American Hospitals’ board of directors.
Rittenmeyer received his Bachelor of Science degree in commerce and economics from Wilkes University and his M.B.A. from Rockhurst University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ron Rittenmeyer’s move on a scale of 0 to 10.
exechange reached out to Tenet Healthcare and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2021 ($).