Tenet Announces Executive Leadership Changes

McKinsey Senior Partner, Saum Sutaria, M.D., Appointed Chief Operating Officer

Eric Evans, President of Hospital Operations, to Leave the Company at Year-End

Company Reiterates 2018 Outlook and 2019 Adjusted EBITDA Growth Expectations

Wednesday, November 28, 2018 7:00 am CST

Dateline:

DALLAS

Public Company Information:

NYSE:
THC
"With the addition of Saum, it is clear the role of President of Hospital Operations is a layer which Eric and I, in consultation with our board, mutually decided to eliminate. This is consistent with our philosophy of a flatter organization."

DALLAS--(BUSINESS WIRE)--Tenet Healthcare Corporation (NYSE: THC) today announced that it has appointed Saumya (“Saum”) Sutaria, M.D., as Chief Operating Officer of the company, effective January 6, 2019. Eric Evans, President of Hospital Operations, will leave the company at the end of the year.

Sutaria most recently served as a Senior Partner at McKinsey & Company, where he worked for 18 years and provided advisory support to many healthcare delivery systems in the United States and around the world.

In this newly created enterprise role, Sutaria will directly oversee Tenet’s Hospital Operations business, which includes acute care hospitals, hospital-affiliated outpatient centers and employed physicians. As Chief Operating Officer, he will also work closely with Ron Rittenmeyer, Executive Chairman and CEO, in focusing on continued operational improvement, integration and other strategic initiatives that impact the overall Tenet enterprise, including USPI and Conifer Health Solutions. Sutaria will report to Rittenmeyer.

Rittenmeyer said, “With today’s announcement, we are continuing to add top talent to drive improvements in performance and maximize opportunities for our business. Saum’s knowledge of healthcare dynamics and his relationships in the space are unmatched. He has over two decades of industry experience, including first serving as a physician and then as a trusted advisor to many hospitals and health systems on transformation initiatives and programs that touch multiple facets of healthcare, such as quality and safety, physician engagement, supply chain management and strategic partnerships. I am confident the rigor in Saum’s approach and his passion for change will serve us well today and into the future. I am excited to have his leadership on this team.”

Rittenmeyer added, “With the addition of Saum, it is clear the role of President of Hospital Operations is a layer which Eric and I, in consultation with our board, mutually decided to eliminate. This is consistent with our philosophy of a flatter organization.”

Rittenmeyer continued, “On behalf of Tenet, I want to thank Eric for his many contributions to our hospitals and our people during his 14-year tenure. Among his accomplishments, his patient-first mentality drove improvements in service and quality and laid a strong foundation from which to build. We are grateful to him for his hard work and commitment to this company.”

Sutaria said, “I am excited to become part of Tenet and am focused on leading the company’s experienced professional individuals as we continue to build and add to the improved strategy and execution that has been achieved this last year, while identifying new channels for growth and harnessing the potential of this great enterprise.”

Saum Sutaria: Biographical Information

Sutaria worked for McKinsey & Company for 18 years. In his most recent position as a Senior Partner, he provided advisory support for hospitals, health systems, physicians groups, ambulatory care models, integrated delivery, and government-led delivery, while also working with institutional investors in healthcare. His experience spans corporate and business-unit strategy, clinical operations effectiveness, M&A, clinical quality and patient-safety improvement, clinical IT strategy, purchasing and supply management, physician engagement, international growth and partnerships, and health-system reform.

Sutaria previously held an associate clinical faculty appointment at the University of California at San Francisco, where he also engaged in postgraduate training with a focus in internal medicine and cardiology.

Sutaria received an M.D. from the University of California, San Diego. He also received a BS in molecular and cellular biology and a BA in economics, both from the University of California, Berkeley.

Financial Outlook

Tenet also announced today that it is reiterating its Outlook for 2018, as previously disclosed on November 5, 2018, and that it continues to expect Adjusted EBITDA growth of 3 percent to 5 percent in 2019. For additional details, please see the company’s press release and accompanying presentation dated November 5, 2018.

About Tenet Healthcare

Tenet Healthcare Corporation is a diversified healthcare services company with 115,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms “THC”, “Tenet Healthcare Corporation”, “the company”, “we”, “us” or “our” refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,” “plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2017, and subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.

Tenet uses its company website to provide important information to investors about the company including the posting of important announcements regarding financial performance and corporate developments.

Contact:

Investor Contact:
Brendan Strong
469-893-6992
investorrelations@tenethealth.com

Media Contact:
Lesley Bogdanow
469-893-2640
mediarelations@tenethealth.com