Charlie Martin is not a newly minted director of Tenet Healthcare following that company's $4.3 billion purchase of Vanguard Health Systems. Instead, the veteran health care entrepreneur and mentor to a number of local businesses will focus on investments he has made personally and through his Martin Companies vehicle.
Texas-based Tenet disclosed the 70-year-old Martin's decision in a filing this week with the Securities and Exchange Commission. The company also said that former Vanguard CFO Phil Roe has been named senior vice president of finance and will report to Tenet CFO Daniel Cancelmi. Keith Pitts, Vanguard's former vice chairman, has joined Tenet in the same role.
Martin Cos. has a health care and technology-focused portfolio that includes Moontoast, Shareable Ink and ReadyPoint Systems. Martin has in the past also invested in e+ Cancer Care — which was acquired in 2011 by Kohlberg & Co. — as well as a New York alternative-energy venture, among others.
In an SEC filing related to the closing of its sale, Vanguard said that Chief Transformation Officer Brad Perkins and Executive Vice President Tim Petrikin will not make the move to Tenet and that they have signed 18-month hospital-sector noncompete agreements. Under the terms of those deals, Perkins — whose contract had been set to expire next July, will receive $1.9 million later this month. Petrikin, whose contract would have run through February of 2017, will get $1.2 million.
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