Tenet CEO's pay grew nearly $10M in 2019, mostly thanks to stocks

Ronald Rittenmeyer, the executive chairman and CEO of Dallas-based Tenet Healthcare, saw his 2019 compensation increase more than 62 percent in 2019, boosted mainly by year-over-year growth in stock awards, according to filings with the Securities and Exchange Commission. 

While Mr. Rittenmeyer's salary decreased 20.7 percent year over year to $1.2 million in 2019, his stock awards and bonuses increased. Mr. Rittenmeyer received a $3.5 million bonus in 2019, up from $2.6 million in 2018. His stock awards totaled $16 million in 2019, nearly double the $8.7 million in stock awards he took home in 2018. The increase in stock awards was part of his extended employment agreement and was intended to further align his interests with shareholders of the for-profit hospital operator.

Including higher incentive compensation, Mr. Rittenmeyer's 2019 pay totaled $24.3 million, nearly $10 million higher than the $15 million he received in 2018.

Amid the COVID-19 pandemic, Mr. Rittenmeyer said he will donate 50 percent of his salary from April through June to Tenet's fund for employees facing financial difficulties. In addition, other executives across the system said they would donate 10 percent to 20 percent of their salaries to the fund. The donations come as Tenet furloughed about 10 percent of its workforce of more than 113,000.

More articles on compensation:
Mount Sinai CEO, exec team take pay cuts
HCA Healthcare CEO donates salary to employee support fund
UMass Memorial CEO donates pay; Jackson Health execs take pay cut amid COVID-19

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