Tenet Healthcare Corporation CEO Trevor Fetter has stepped down from leadership of the company and has resigned as a director effective October 23.
The Board of Directors has appointed Ronald A. Rittenmeyer, executive chairman, to serve as CEO while the company continues its search for a permanent chief executive officer, Tenet said.
Fetter's planned departure, Rittenmeyer's role in the company and the CEO search was announced by Tenet on August 31.
"I have confidence in Ron's leadership and Tenet's management team, so now is the right time for me to step down as CEO," Fetter said. "I am grateful for the hard work and dedication of all of Tenet's employees in building this great company, and it has been an honor to work alongside them."
Tenet's has been under financial difficulties, reporting a $56 million loss for the second quarter. Third quarter results will be announced on November 6.
Last week, Tenet-owned hospital Abrazo Maryvale in Arizona announced it was closing in December due to a decline in demand for services.
Two weeks ago Tenet revealed the sale of its MacNeal Hospital in Chicago to Loyola Medicine.
Tenet operates 77 general acute care hospitals, 20 short-stay surgical hospitals and over 460 outpatient centers in the United States, as well as nine facilities in the United Kingdom.
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