Health Management Senior Vice President of Finance Kerrin Gillespie has also resigned, effective last Friday. Gary Bryant, currently senior vice president and controller of the for-profit hospital company, has been appointed interim CFO.
Health Management and Mr. Curry mutually agreed to terminate his employment, according to a filing with the Securities and Exchange Commission. The news comes roughly two months after Glenview Capital Management, a New York City-based hedge fund and major investor of Health Management, criticized Mr. Curry for “inconsistent, inaccurate and unconstructive behavior” in a presentation to shareholders. Glenview executives said Mr. Curry showed a “lack of seriousness in meetings and responds to questions with laughter and nonresponsive answers — even after major earnings misses and significant declines in the stock.”
In August, Health Management adopted a plan that would award retention bonuses and a severance option to three of its top executives, including Mr. Curry. Because Mr. Curry had his employment terminated within a year of the compensation plan, he could be eligible for a $337,500 cash bonus. In fiscal year 2012, Mr. Curry earned $3.47 million.
Health Management is currently undergoing massive changes. In addition to Mr. Curry’s departure, Gary Newsome left his post as president and CEO on July 31. Franklin, Tenn.-based Community Health Systems is also in the middle of acquiring Health Management in a deal valued at $7.6 billion. In August, Health Management rolled out a new board of directors after a majority of shareholders voted to remove the previous board. Glenview prompted that change through a consent solicitation.
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