Tenet Healthcare CFO Daniel Cancelmi will retire at the end of the year, the for-profit healthcare system announced Thursday.
Cancelmi joined Tenet about 30 years ago and became CFO in 2012. The Dallas-based health system is conducting a nationwide search for the next CFO, whom Cancelmi will mentor during the transition period. The company did not respond to requests for more details about Cancelmi’s departure.
Tenet announced additional leadership changes in its hospital segment, outpatient care operations United Surgical Partners International and its subsidiary Conifer Health Solutions in terms of revenue cycles. Most notably, Conifer Health Solutions President and CEO Roger Davis will retire at the end of the first quarter, followed by United Surgical Partners International President and CEO Brett Brodnax. at the end of the year.
The health system also revealed some preliminary financial results from last year. Adjusted earnings before interest, taxes, depreciation and amortization are expected to fall between the $3.375 billion and $3.475 billion the company provided investors in its third-quarter earnings report. Tenet is expected to release fourth-quarter and full-year results on February 9.
“Usually, when companies announce a management change, before the release [earnings data] This is a good way to give investors confidence that everything is fine despite the management change, said Brian Tanquilut, healthcare equities analyst at Jefferies.
Matt Wolf, senior healthcare analyst at RSM, said many health systems are likely to release earnings data earlier amid a challenging economic environment.
Tenet’s net income for the first nine months of 2022 increased nearly 2% to $538 million, after adjusting to exclude fees related to restructuring and acquisition, litigation and debt collection costs ahead of schedule, the company reported in October. Including those expenses, net income fell more than 50% to $309 million.
Clarification: Due to an editing error, an earlier version of this article misrepresented Tenet’s adjusted full-year income for fiscal 2022 before interest, tax, amortization, and amortization compared to previous company guidance. company.
