Ronald Rittenmeyer will serve as executive chair of Tenet Healthcare until the end of 2023 under an amended employment agreement entered into in late February, according to a filing with the Securities and Exchange Commission.
The agreement extended Mr. Rittenmeyer's role as executive chair for one year. He was originally slated to serve as executive chair through 2022.
Mr. Rittenmeyer, who served as CEO and executive chair of Dallas-based Tenet for nearly four years before leaving the CEO role in 2021, will be an executive adviser to Tenet's CEO and the company's board from Jan. 1, 2024, through the end of 2025, according to the amended employment agreement.
Under the agreement, Tenet will pay Mr. Rittenmeyer an annual salary of $750,000, and he'll be eligible to receive annual bonuses.
Tenet, a 60-hospital system, reported a net income of $1.5 billion on revenue of $19.5 billion in 2021. A year earlier, the for-profit company reported a net income of $768 million on revenue of $17.6 billion.