Universal Health Services founder, chairman and CEO Alan Miller, will step down as CEO in January after serving for four decades. He will be succeeded by his son, Marc Miller, the current president at UHS.
Alan Miller will continue to serve as the executive chairman of the board of directors, as well as president and CEO of Universal Health Realty Income Trust.
WHY THIS MATTERS
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Under Miller's leadership, UHS has grown to be recognized as a Fortune 300 company, with annual revenues of $11.4 billion in 2019. Between 1990 and 2000, UHS had the highest return to shareholders (38%) of all healthcare providers, according to both Fortune and The Wall Street Journal.
Today, the company has about 90,000 employees, and through its subsidiaries operates almost 400 facilities across the U.S., Puerto Rico and the U.K.
Throughout his tenure, Miller has received recognition for his business achievements. He was recognized by Fox Business as the second longest-serving CEO in the U.S. in 2020 and was named on the Forbes "America's Most Innovative Leaders" list, among other recognitions.
The replacement by Marc Miller as CEO has been a long-standing plan, according to UHS.
Since taking over as president in 2009, he has had oversight of the business operations, including the acute care division and behavioral health division at UHS. Miller is also a member of the UHS board of directors, a member of the Universal Health Realty Income Trust and a member of the board of directors of Premier.
THE LARGER TREND
The company reported $251.9 million in income for the second quarter this year, which is a slight increase from $238.3 million in 2019.
Net revenues decreased 4.4%, to $2.73 billion during the quarter, with $218 million of revenues coming from governmental stimulus programs such as Public Health and Social Services Emergency Fund grants under the Coronavirus Aid, Relief, and Economic Security Act.
ON THE RECORD
"Over the past four decades, we have worked hard to deliver upon our mission, care for patients in the most effective manner, grow strategically and seek opportunities," Alan Miller said. "I am personally quite proud of the care we have delivered to millions of individuals, and I am grateful for the team of dedicated professionals at UHS who have given so much to so many. I look forward with great optimism and am confident UHS will continue to thrive and grow."
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