Tenet Healthcare Corp. (THC) Chief Financial Officer Biggs C.
Porter is resigning at month's end to become financial chief at
engineering and construction company Fluor Corp. (FLR).
Porter will succeed Fluor CFO D. Michael Steuert, who will
retire at the end of May.
Porter has been Tenet's CFO for the past 5 1/2 years. His most
recent prior experience included serving as corporate controller at
defense company Raytheon Co. (RTN). He will join Fluor next month
and become CFO in May.
Steuert has been Fluor's CFO since 2001. Prior experience
includes serving as CFO of Litton Industries Inc., which is now
part of defense firm Northrop Grumman Corp. (NOC).
The hospital operator's President and Chief Executive Trevor
Fetter credited Porter for "his impressive contributions to Tenet's
financial performance over the past six years during critical and
challenging times in our economy and industry." Fetter and Porter
are set to speak at the Barclays Capital Global Healthcare
Conference.
Trevor will add the role of interim CFO until a successor is
named.
Tenet Healthcare in February reported that it swung to a
fourth-quarter loss on debt-extinguishment costs while the company
saw revenue growth amid modestly higher admissions and improved
terms with managed-care payers.
Fluor last month reported fourth-quarter profit rose 31% amid
higher revenue, led by gains in its industrial and infrastructure
segment.
Tenet and Fluor shares closed Tuesday at $5.47 and $62.50,
respectively. Neither was active in recent premarket trading.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com