Wayne T. Smith, who is retiring as executive chair of Franklin, Tenn.-based Community Health Systems, is to receive a $265,000 stipend on top of a regular compensation package in his new role as nonexecutive chair, the company said in a Dec. 8 filing.
While receiving standard equity grants and a stipend associated with his new non-management role beginning Jan 1., Mr. Smith, who stepped down as CEO in January 2021, was also approved by the board for the additional amount, to be paid in quarterly installments.
CHS reported a net loss Oct. 26 of $42 million for the third quarter amid continued high labor costs, fewer inpatient admissions, unfavorable payer issues and a generally challenging environment. The loss compares with net income of $111 million in the same period ending Sept. 30, 2021.
CHS did not return a call in time for publication.