Naples, Fla.-based Health Management Associates has formally announced it has a new board of directors.
Earlier this week, a majority of Health Management shareholders voted to remove and replace the for-profit hospital company's current board of directors, formerly chaired by William Schoen, through a consent solicitation. Health Management's independent inspector confirmed the results were valid.
Glenview Capital Management, a $6 billion New York City-based hedge fund, started the consent solicitation to oust the current board. Over the past several months, Glenview has consistently criticized Health Management, saying its finances have routinely underperformed and that the board and top executives have exhibited "unconstructive" behavior.
Health Management's new board members are Steven Epstein, Mary Taylor Behrens, Kirk Gorman, Stephen Guillard, Joann Reed, John McCarty, Steven Shulman and Peter Urbanowicz. Mr. Shulman will become the new board chairman.
All board members have various healthcare backgrounds. Mr. Gorman has the most direct hospital experience, as he currently serves as CFO and COO of Radnor, Pa.-based Jefferson Health System — which includes Thomas Jefferson University Hospitals, Main Line Health and Magee Rehabilitation Hospital, all of which are located in or around Philadelphia.
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