Dallas-based Tenet Healthcare will spin off of its Conifer business into a separate, publicly traded company.
What you should know:
1. Tenet expects to complete the spin off in the second quarter of 2021.
2. Tenet came to the decision after completing a strategic review process started in December 2017.
3. The move is an effort to "maximize the value of Conifer," said Tenet Executive Chairman and CEO Ron Rittenmeyer.
4. Concurrent with the spin-off announcement, Conifer CEO Stephen Mooney stepped down from his role. Conifer Health Solutions COO Kyle Burtnett was appointed interim CEO.
5. Tenet hires a search firm to find a permanent CEO.
6. The companies will consider executive leadership changes, board membership needs and commercial milestones as they jointly execute the spin off, Tenet said.