Kelly Curry, executive vice president and CFO of Naples, Fla.-based Health Management Associates, has resigned, effective last Friday.
Health Management Senior Vice President of Finance Kerrin Gillespie has also resigned, effective last Friday. Gary Bryant, currently senior vice president and controller of the for-profit hospital company, has been appointed interim CFO.
Health Management and Mr. Curry mutually agreed to terminate his employment, according to a filing with the Securities and Exchange Commission. The news comes roughly two months after Glenview Capital Management, a New York City-based hedge fund and major investor of Health Management, criticized Mr. Curry for "inconsistent, inaccurate and unconstructive behavior" in a presentation to shareholders. Glenview executives said Mr. Curry showed a "lack of seriousness in meetings and responds to questions with laughter and nonresponsive answers — even after major earnings misses and significant declines in the stock."
In August, Health Management adopted a plan that would award retention bonuses and a severance option to three of its top executives, including Mr. Curry. Because Mr. Curry had his employment terminated within a year of the compensation plan, he could be eligible for a $337,500 cash bonus. In fiscal year 2012, Mr. Curry earned $3.47 million.
Health Management is currently undergoing massive changes. In addition to Mr. Curry's departure, Gary Newsome left his post as president and CEO on July 31. Franklin, Tenn.-based Community Health Systems is also in the middle of acquiring Health Management in a deal valued at $7.6 billion. In August, Health Management rolled out a new board of directors after a majority of shareholders voted to remove the previous board. Glenview prompted that change through a consent solicitation.
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