THC - Tenet announces better-than-expected 2022 adj. EBITDA CFO retirement

Hospital operator Tenet Healthcare Corporation ( NYSE: THC ) announced Thursday that based on preliminary results, the company’s adj. EBITDA for fiscal 2022 is expected to slightly exceed $3.425B, the mid-point of the guidance it shared with the third quarter earnings in October.

The projection excludes any fourth-quarter stimulus grant income related to the pandemic, the company said in a regulatory filing.

Tenet ( THC ) also announced several leadership changes at the company, including the retirement of Daniel Cancelmi, Executive Vice President & Chief Financial Officer, at the year-end. The company is currently conducting an executive search to find his successor.

Other notable management changes include the retirement of Brett Brodnax, President & CEO of Tenet’s ( THC ) USPI unit, at the end of 2023. Andy Johnston, who has returned to USPI as its Chief Administrative Officer, is expected to replace Brodnax once he departs.

Tenet ( THC ) also announced that Roger Davis, President & CEO of Conifer Health Solutions, would retire at the end of Q1 2023. Bryan Forry, who previously served as Controller, Hospital Operations at Conifer, has been promoted to CFO, and a search for the CEO role is ongoing.

Seeking Alpha contributor Mike Zaccardi issued a Hold rating on Tenet ( THC ) in November, citing fundamental risks and a bearish technical setup.

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