The firing of Savannah, Ga.-based Memorial Health’s president and CEO, Phillip Schaengold, may cost the hospital $900,000, according to a Savannah Morning News report.
The board has yet to reach an agreement with Mr. Schaengold on a financial package for his early termination. He was CEO for 18 months and was paid approximately $616,000 plus benefits annually. If the board pays him for his entire 18 months, the buyout would total about $900,000, according to the report.
The board terminated its employment contract with Schaengold on Jan. 5 over the hospital’s finances.
Mr. Schaengold is handling the negotiations himself, as he is a lawyer, according to the report.
Read the Savannah Morning News report on Memorial Health’s ousted CEO Phillip Schaengold.
Read more about hospital CEO firings:
– 5 Recent Hospital CEO Firings and Suspensions
– When Should You Should Fire Your CEO?
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