Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Retirement of W. Larry Cash as President of Financial Services, Chief Financial
Officer and Director of the Company
On February 22, 2017, Community Health Systems, Inc. (the "Company") issued a
press release announcing that W. Larry Cash, President of Financial Services and
Chief Financial Officer, will retire as an officer and as a member of the Board
of Directors of the Company effective May 16, 2017, the date of the Company's
2017 annual meeting of stockholders. Upon his retirement, Mr. Cash will enter
into a consulting agreement with the Company, pursuant to which he will advise
the Company's management team on issues related to healthcare finance,
management and operations. A copy of the press release making this announcement
is attached as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference into this Item 5.02.
Intent to Appoint Thomas J. Aaron as Chief Financial Officer of the Company
In conjunction with Mr. Cash's retirement, the Company intends to appoint Thomas
J. Aaron as Chief Financial Officer of the Company effective May 16, 2017.
Mr. Aaron, age 54, joined the Company in November 2016 as Senior Vice President
- Finance. Prior to that, he was with Deloitte & Touche LLP for 32 years.
Mr. Aaron served as Deloitte's Tennessee Managing partner from 2006 to 2016. His
healthcare industry experience at Deloitte includes audits of public and private
companies, strategy and operations improvement consulting, mergers and
acquisitions, financing and public equity offering services, and participation
in numerous board and committee meetings. As a partner at Deloitte, Mr. Aaron
was the lead client service and lead assurance partner on the Company's external
audit from 1996 to 2003 and from 2008 to 2013. Mr. Aaron received his bachelor's
degree from the University of Kentucky. He serves as a Master's of Accounting
Advisory Board member for the University of Kentucky and for Vanderbilt
University's Owen Graduate School of Management.
Mr. Aaron is not a party to any material plan, contract or arrangement with the
Company entered into in connection with Mr. Aaron's upcoming appointment, and
Mr. Aaron's compensation as Chief Financial Officer has not yet been determined.
A copy of the press release related to Mr. Aaron's appointment as the Company's
Chief Financial Officer is attached hereto as Exhibit 99.1 and incorporated by
reference into this Item 5.02.
Item 9.01 Financial Statements and Exhibits
The following items are included as Exhibits to this Form 8-K and incorporated
herein by reference:
99.1 Community Health Systems, Inc. Press Release dated February 22, 2017.
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