Teamsters call Tenet Healthcare's executive pay 'lavish' amid pandemic
The International Brotherhood of Teamsters is taking aim at “lucrative” multimillion-dollar pay packages for Tenet Healthcare’s top two executives, urging the hospital company’s shareholders to reject the deals.
In a letter sent Wednesday to other shareholders, the union singled out CEO and executive chairman Ronald Rittenmeyer and chief operating officer Saum Sutaria. The Teamsters, which represents about 350 Tenet workers, also is an investor in the Farmers Branch-based company through its pension and benefits funds.
Tenet did not return The Dallas Morning News’ request for comment.
The letter, signed by Teamsters secretary-treasurer Ken Hall, said Rittenmeyer’s contract extensions since becoming CEO in 2017 raise accountability concerns. It said the extensions gave Rittenmeyer $42 million in time-based stock awards that vest in a “mere” two and a half years.
Sutaria’s pay has “similarly been dominated by the large use of time-vesting awards: $12 million in sign-on grants and a $4 million long-term incentive opportunity,” the union’s letter said. Sutaria joined Tenet in January 2019 from McKinsey & Co., where he advised health care companies and private equity firms.
Read more: https://www.dallasnews.com/business/health-care/2020/04/29/teamsters-call-tenet-healthcares-executive-pay-lavish-amid-pandemic/