Carolinas CEO Michael Tarwater to retire next June

Michael Tarwater, CEO of Charlotte, N.C.-based Carolinas HealthCare System, will retire in June 2016, according to a Charlotte Observer report.

Mr. Tarwater, 61, joined the health system in 1981 and became its CEO in 2002. Under his tenure, Carolinas expanded to include 40 hospitals and 900 care locations, growing from $94 million in annual net revenue to $8.7 billion in net revenue for 2014.

Mr. Tarwater said he gave notice now to give the board time for a transition.

"There will be no goodbyes today, we still have lots to do.…It's just shocking how fast 34 years go by," he said at a regular quarterly board meeting.

The board will hire an executive search firm to find a replacement, and Chairman Edward Brown said the next CEO will inherit "a very healthy organization," according to the report.

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