WASHINGTON (dpa-AFX) - Two board members of Tenet Healthcare Corp. have resigned citing 'irreconcilable differences' over significant matters involving the company.
Randy Simpson and Matt Ripperger, who represent Glenview Capital Management, the company that owns about 18% stake in Tenet Healthcare, notified their decision to resign to other board members.
In a letter Tenet filed with the U.S. Securities and Exchange Commission, Simpson and Ripperger said they had decided 'the most effective way forward to promote strong patient satisfaction and long-term value creation for Tenet is to step off this board.'
The move terminates the standstill agreement Glenview had signed with Tenet, which restricted Glenview from evaluating other avenues to be a constructive owner of the company.
'Glenview remains fully committed to its ownership stake in Tenet and its desire to drive improved performance, culture and value,' the letter said.
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