Kent Wallace, president and COO of Nashville, Tenn.-based Vanguard Health Systems, has announced he will resign from the for-profit hospital chain, effective Feb. 28, according to a filing with the U.S. Securities and Exchange Commission.
Mr. Wallace will resign to become CEO of RegionalCare Hospital Partners, a for-profit health system based in Brentwood, Tenn., that owns and operates seven hospitals. He will assume all responsibilities of RegionalCare President and COO John Rutledge, who is stepping down to pursue "other business endeavors." In the process, Vanguard waived Mr. Wallace's non-compete covenant, but he still must follow other terms of his restated employment agreement.
In fiscal year 2012, Mr. Wallace earned $2.75 million in total compensation.
Charles Martin Jr., chairman and CEO of Vanguard, will add president to his title, effective March 1.
Martin Rash, current CEO and founder of RegionalCare, will be promoted to executive chairman.
Mr. Wallace will resign to become CEO of RegionalCare Hospital Partners, a for-profit health system based in Brentwood, Tenn., that owns and operates seven hospitals. He will assume all responsibilities of RegionalCare President and COO John Rutledge, who is stepping down to pursue "other business endeavors." In the process, Vanguard waived Mr. Wallace's non-compete covenant, but he still must follow other terms of his restated employment agreement.
In fiscal year 2012, Mr. Wallace earned $2.75 million in total compensation.
Charles Martin Jr., chairman and CEO of Vanguard, will add president to his title, effective March 1.
Martin Rash, current CEO and founder of RegionalCare, will be promoted to executive chairman.
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