|New York-Based hedge fund Glenview Capital Management LLC is insisting on wholesale changes to be made in the leadership of Health Management Associates Inc, the country’s fifth largest operator of hospitals. According to Bloomberg News, Glenview Capital Management, which is a 15 percent stakeholder, has nominated a new board of directors and has recommended an interim replacement for CEO Gary Newsome who has already announced his intention to resign. |
Poor management and financial underperformance has left Health Management Associates vulnerable to a hostile takeover which may not be to the benefit of shareholders. Jana Partners LLC, which owns a 5 percent stake, supports the efforts of Glenview Capital Management to rejuvenate the company.
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