- Signs for push-out forces
- After almost 20 years on the job
- Laud, praise, thanks and good wishes for Cash
- Tom Aaron taking over
(management-change.com) — Franklin, Tennessee, February 22, 2017 — Larry Cash, finance chief of Community Health Systems, leaves. As announced by Community Health Systems, Inc. in a news release and in a regulatory filing published on Wednesday, February 22, 2017, W. Larry Cash leaves the post as Chief Financial Officer at the hospitals company after almost 20 years on the job, effective May 16, 2017.
It is the end of an era.
Cash’s duties are taken over by Tom Aaron, currently Senior Vice President–Finance at Community Health Systems, Inc.
No reason given
In the announcement, Community Health Systems did not explicitly explain the reason for Cash’s move.
Community Health Systems said: “W. Larry Cash, President of Financial Services and Chief Financial Officer, will retire from his executive management position and the Company’s Board of Directors on May 16, 2017, the date of the Company’s 2017 annual meeting of stockholders.”
Precise information about the future plans of Cash was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Community Health Systems, Inc. since June 2015.
Shanda holds 13.76 percent stake
Shanda Asset Management Holdings Ltd reported a 13.76 percent stake in Community Health Systems, Inc. as of December 31, 2016.
Chaired by Wayne Smith
Community Health Systems, Inc. is chaired by Wayne Smith.
Wayne Smith joined Community Health Systems in 1997 as President and Chief Executive Officer. In 2001, he was named Chairman of the Board.
On the job as CFO since 1997
Cash has served as the Company’s Chief Financial Officer since joining the organization in September 1997 and was elected to the Board in 2001.
Cash is a 20-year veteran of Community Health Systems and has more than 30 years of management experience in the hospital and managed care sectors.
Cash currently serves on the Board of Directors for Community Health Systems, Inc. and Cross Country Healthcare, Inc.
Cash has been named one of the top three CFOs in the healthcare sector by Institutional Investor 11 times.
He was named Business Tennessee’s first ever CFO of the Year in 2008.
He also earned that distinction in the public companies category from the Nashville Business Journal in 2009 and went on to become recipient of the CFO Lifetime Achievement award from the Nashville Business Journal in 2014.
Prior to joining Community Health Systems, Cash served as Vice President and Group Chief Financial Officer of Columbia/HCA Healthcare Corporation from September 1996 to August 1997.
Prior to Columbia/HCA, Cash spent 23 years at Humana Inc., most recently as Senior Vice President of Finance and Operations from 1993 to 1996.
Cash received his bachelor’s degree from the University of Kentucky. He is a Certified Public Accountant and is professionally affiliated with the American Institute of Certified Public Accountants, Tennessee Society of Certified Public Accountants, and the Healthcare Financial Management Association.
Upon his retirement, Cash will enter into a consulting agreement with the Company, under which he will advise the Company’s management team on issues related to healthcare finance, management and operations.
Signs for push-out forces
It is not completely certain what forces eventually triggered W. Larry Cash’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 09.2017 ($).