Why Didn’t Tenet’s CEO Quit Sooner? Dallas Employees Now Can Brace for Wall Street Fight

They say timing is everything, and that makes the looming departure of Tenet Healthcare’s chairman and CEO all the more confounding.Trevor Fetter has been leading Tenet since 2003 and moved the company to Dallas a year later. Recently, he said he’d step down by March or sooner, depending on when a successor is named.Fetter’s exit, along with plans to “refresh” the board, is intended to head off a proxy fight with Glenview Capital Management, a New York hedge fund that controls almost 18 percent of Tenet shares.One analyst praised management and the board for doing the right thing — and trying to avoid a protracted battle.“Good for you, Trevor, and thank you,” wrote Sheryl Skolnick, research director for Mizuho Securities USA.The question is why didn’t the moves come sooner?  Continue reading...