Tenet Announces Strategic Leadership Appointments

The health system has a new operational leadership structure to drive strategic priorities within the system's acute care hospital market.

For-profit Tenet Healthcare Corporation made several key leadership updates as part of the company's strategic priority to "help ensure continued performance" for its hospital market.

The announcement, released on Thursday, includes health system leader retirements and group president appointments for the organization's health system, which has over 650 sites of care across more than 30 states.

Daniel Cancelmi, EVP and CFO of Tenet Health has announced he will retire at the end of 2023. A national search is currently ongoing, with the hopes of identifying a "high-performing" successor prior to Cancelmi's retirement so that he can mentor and onboard them as part of the transition process.

"Dan was instrumental in the recent transformation of Tenet's performance and improvement of the balance sheet," Tenet CEO, Sam Sutaria, MD, said in a statement. "Dan is an inspirational leader with a long legacy at Tenet, starting as a hospital CFO to becoming our corporate CFO. He is a tireless advocate for our people and company. The strength of our finance function at Corporate and across our business units is a testament to Dan’s leadership, operational acumen, and commitment to Tenet."

Additionally, the company's hospital segment has promoted three leaders to serve as group presidents, a new operational leadership structure to allow for greater agility in executing strategic priorities within the system's acute care hospital market, according to the press release.

Maggie Gill will serve as Group President – Eastern Group, where she will oversee hospital operations in Florida, South Carolina, and Massachusetts.

Matthew Stone will serve as Group President – Central Group, where he will oversee hospital operations in Central and South Texas, Alabama, and Tennessee.

Nicholas Tejeda will serve as Group President – Western Group, where he will oversee hospital operations in West Texas, Northern California, and in Orange County and Los Angeles, California.

"Tenet has exceptional talent throughout its operational ranks," Sutaria said. "The Group Presidents have a track record for driving results, developing high-performing teams, and enhancing access to care. I am confident in their ability to help lead our hospital segment."

Also announced on Thursday, Tenet Health Corp. expects to exceed the midpoint of its latest FY22 adjusted EBITDA outlook range. The press release says "Although Tenet’s financial statement close process is not yet fully completed, the Company anticipates its Adjusted EBITDA, excluding any fourth quarter stimulus grant income related to the pandemic, will be slightly above the mid-point of its Adjusted EBITDA guidance of $3.425 billion for the year ended December 31, 2022."

"Our business units continued to demonstrate effective management capabilities and delivered strong results in the fourth quarter," Sutaria said. "All three of our business units are expected to produce Adjusted EBITDA excluding grant income that was at or slightly above the mid-point of our guidance. We look forward to providing more details in a few weeks along with sharing plans to support a successful 2023."

Tenet Healthcare Corp. will release its Q4 2022 results on Thursday, February 9.