Tenet Healthcare Corp. (THC) said Wednesday that its Chief Financial Officer Biggs Porter would resign effective March 30 to join engineering firm Fluor Corp. (FLR) in the same capacity. Porter has been Tenet's finance chief since 2006.
Tenet's President and CEO Trevor Fetter will act as the company's chief financial officer on an interim basis. This is in addition to his current duties.
Fetter said, "We want to thank Biggs for his impressive contributions to Tenet's financial performance over the past six years during critical and challenging times in our economy and industry. During his tenure, we grew same hospital revenues by 23.1%, adjusted EBITDA by 81.5%, and launched our Conifer Health Solutions business."
Separately, Fluor said its Senior Vice President and Chief Financial Officer Michael Steuert would retire at the end of May. Steuert will remain with the company through the end of the year in a consulting role.
Fluor appointed Porter as senior vice president and company CFO. Porter will join Fluor on April 9 and will become CFO on May 4, after the completion of the first quarter financial reporting.
Porter will be based in Fluor's global headquarters in Irving, Texas. He will report to Fluor's Chairman and CEO David Seaton. As finance chief, Porter will lead Fluor's finance, audit, investor relations, compliance & ethics, and mergers & acquisitions functions.
At Tenet, Porter oversaw the company's finance, accounting, investor relations and related functions. He also held senior-level finance positions with defense contractor Raytheon Co. and Dallas-based utility TXU Corp. He has also held finance positions at Northrop Grumman Corp., Vought Aircraft Co. and LTV Corp. Porter began his career with the accounting firm Arthur Young and Co.
THC closed on Tuesday at $5.47, up from the prior close of $5.37, on 10.31 million shares.
FLR settled at $62.50, compared to the previous close of $60.42, on 1.9 million shares.
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