Granger Cobb, the former CEO of Emeritus who merged that company into Brookdale Senior Living in the middle of last year, died this week at age 54. Cobb had led Emeritus since 2007 and, in a statement, Brookdale CEO Andy Smith called him "a true pioneer and leader in our industry."
The Vanderbilt University Board of Trust has elected the members of the Vanderbilt University Medical Center governing board, with numerous local business heavy-hitters included.
Edith Scott Carell “Edie” Johnson, president and legal counsel for the Carell Family LLC, will serve as chair, with John F. Stein, Tennessee state president and national market executive of for-profit health care in global commercial banking at Bank of America Merrill Lynch, to be the vice chair.
VU Chancellor Nicholas S. Zeppos and VU Vice Chancellor for Health Affairs Jeff Balser also will serve.
The other board members include the following: Michael M. E. Johns (chief executive officer for the Emory System of Health Care); Richard B. “Dick” Johnston Jr. (associate dean for research development and professor of pediatrics at the University of Colorado School Of Medicine); Samuel E. “Sam” Lynch (founder of BioMimetic Therapeutics); and Thomas J. “Tom” Sherrard II (founding member of Nashville law firm Sherrard & Roe).
In addition to Zeppos, the current Vanderbilt University Board of Trust members who will serve on both the Vanderbilt and VUMC boards are Bruce R. Evans, Jackson W. Moore and David W. Patterson. Four of the VUMC board members, including Zeppos, are current members of the VU Board of Trust.
The independent board will begin planning for VUMC to operate as a separate entity and will govern it once its financial and administrative transition from the university is completed by year’s end.
In November 2014, the board of trust directed the institution’s senior leadership to reconfigure VUMC as a nonprofit academic medical center that is financially distinct from Vanderbilt University. (The two entities are expected to remain closely aligned in some respects.)
Once VUMC is established as a separate entity, Balser will drop his title of vice chancellor for health affairs and will become president and CEO of Vanderbilt University Medical Center. He will continue as dean of the Vanderbilt University School of Medicine.
Read about the new board members here.
The board of directors of Corrections Corp. of America last week voted to revise its committee structure to focus more cleanly on risk assessment and risk management. Directors agreed to set up a new risk committee, carving its responsibilities out of the audit and risk committee. The new subgroup has as members Thurgood Marshall Jr. — who will chair the committee — as well as Donna Alvarado, Anne Mariucci and Charles Overby.
In a filing with the Securities and Exchange Commission, CCA said the new committee will help coordinate the prison management company’s risk assessment and risk management practices as well as its legal, regulatory and contract compliance.
“The Risk Committee will also review issues and trends facing the company that could impact the company’s business operations and public reputation,” according to the filing.
In part because of the nature of their business, CCA and its prison operator peers regularly have to handle sticky situations involving inmates’ living conditions and other issues. In May, Department of Justice officials said they would not press charges related to some Idaho employees falsifying staffing reports. More recently, the Tennessee Bureau of Investigation began looking into accusations that several Nashville-area CCA employees sold woodwork made by inmates.
Shares of CCA (Ticker: CXW) ended Tuesday trading at $31.68. So far this year, they’ve fallen about 13 percent.
The New York Stock Exchange's listings regulators have told Noranda Aluminum executives that they need to submit a plan to get the Franklin-based company's market value and shareholder equity back above $50 million. Late last month, the NYSE also told Noranda to get its stock price above $1, something the company plans to do via reverse split. Unless the global aluminum market rebounds soon and lifts Noranda's fortunes, this demand could be harder to meet.
Check out more information about the NYSE's latest letter here.
POSTDATA: WARRANTY DEEDS