Shares in Tenet Healthcare (THC) fell 33% today to $2.72, a 52-week low, down from the period high of $6.88.
Why? Tenet’s adjusted loss of 6 cents per share was worse than the 3-cent loss expected on average by analysts, according to Reuters Estimates. Times may be rough for shareholders, but THC’s CEO Trevor Fetter is getting rich beyond most people’s wildest dreams.
Tenet’s proxy shows that Fetter had total compensation of over $10.5 million last year, including a base salary of over $1 million.
That’s not bad enough. The company has a very nice jet. Fetter is allowed to use it and only has to pay after the first 75 hours of personal flying a year.
Douglas A. McIntyre