Tenet Healthcare Corp. said late Thursday Chairman and Chief Executive Trevor Fetter will step down from his roles on March 15, 2018, or when a successor is appointed. Independent lead director Ronald A. Rittenmeyer will become executive chairman, effective immediately, and the board has hired Russell Reynolds Associates to conduct a search for a new CEO. Tenet also said it has started to “refresh the composition of its board,” with an eye for ensuring that the board “has the best mix of skills and experience to maximize the future value of the company,” it said in the statement. Shares of Tenet rose more than 3% in the late session, after ending the regular trading day down 0.2%.
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