8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

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Date of Report: June 23, 2023

(Date of earliest event reported)

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TENET HEALTHCARE CORPORATION

(Exact name of Registrant as specified in its charter)

14201 Dallas Parkway

Dallas, TX 75254

(Address of principal executive offices, including zip code)

(469) 893-2200

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

On June 23, 2023, Tenet Healthcare Corporation (the “Company”) announced that Sun Park, age 47, has been appointed Executive Vice President and Chief Financial Officer of the Company, effective January 1, 2024. Mr. Park will succeed Daniel Cancelmi, current Executive Vice President & Chief Financial Officer, whose previously announced retirement becomes effective on December 31, 2023. From July 11, 2023 to December 31, 2023, Mr. Park will serve as an Executive Vice President of the Company.

Mr. Park has served as Executive Vice President and Group Chief Financial Officer for Pharmaceutical Distribution and Strategic Global Sourcing of AmerisourceBergen Corporation (“AmerisourceBergen”), a global pharmaceutical sourcing and distribution services company, since September 2018. From 2012 to September 2018, Mr. Park was Executive Vice President of Strategy and Development for AmerisourceBergen. Before joining AmerisourceBergen, Mr. Park served in various leadership roles across corporate development, corporate strategy and R&D portfolio management at MedImmune, the global biologics division of AstraZeneca. Before joining MedImmune, he held positions at Charterhouse Group International and Merrill Lynch & Company.

Pursuant to the terms of Mr. Park's offer letter with the Company, he will receive (i) an annual base salary of $700,000, (ii) a target cash bonus award at 100% of his salary, and (iii) an initial grant of Company restricted stock units (“RSUs”) with an approximate grant date value of $1,670,000 that vests upon his full relocation of his primary residence to the Dallas, Texas area (provided the relocation is completed by September 1, 2025), and be recommended for a 2024 equity-based award with an approximate grant date value of $2,500,000, comprised of a combination of 50% service-based RSUs and 50% performance-based RSUs. Mr. Park will also receive a cash sign-on bonus of $1,000,000 and relocation benefits as described in the offer letter. For more information regarding the Company’s annual bonus and stock incentive award programs, see the Company’s Definitive Proxy Statement for the 2023 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on April 14, 2023.

A copy of the press release announcing the matters described above is attached to this report as Exhibit 99.1 and incorporated herein by reference. The information contained in Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified therein as being incorporated by reference.

(d) Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Document

Exhibit 99.1

Tenet Announces Chief Financial Officer Transition

DALLAS – June 23, 2023 – Tenet Healthcare Corporation (NYSE: THC) announced the appointment of Sun Park as Executive Vice President & Chief Financial Officer of the Company, effective January 1, 2024, as part of the Company’s planned Chief Financial Officer transition. Mr. Park will serve as an Executive Vice President of the Company from July 11, 2023 through December 31, 2023.

As previously announced, Dan Cancelmi, Executive Vice President & Chief Financial Officer, will retire at the end of 2023. Mr. Park will succeed Mr. Cancelmi in that capacity and report to Saum Sutaria, M.D., Chief Executive Officer of Tenet.

Mr. Park is an experienced healthcare executive with a track record of driving results. He has strong leadership experience in corporate finance, operational finance, strategy, and corporate development. Most recently, Mr. Park served as Executive Vice President and Group Chief Financial Officer for Pharmaceutical Distribution and Strategic Global Sourcing of AmerisourceBergen. In this role since 2018, he was most recently responsible for commercial and operational finance for all of AmerisourceBergen’s global business units, which represents over $240 billion in annual revenues and serves healthcare providers, manufacturers, and patients. Prior to joining AmerisourceBergen in 2012 to lead Strategy and Development, Mr. Park held progressive leadership roles at several global biotechnology and pharmaceutical companies.

Mr. Park will succeed Mr. Cancelmi to lead all aspects of the Company’s finance function including financial planning & analysis, accounting, SEC reporting, internal audit, tax, treasury, government programs, and investor relations.

“I am pleased to welcome Sun to Tenet and believe his leadership experiences, coupled with his data-driven and outcomes-oriented approach will serve our Company well as we continue to execute on our strategic priorities,” said Saum Sutaria, M.D., Chief Executive Officer of Tenet. “Sun’s well rounded leadership experience in corporate and operational finance will enable us to continue to unlock value for our shareholders as we continue to transform our portfolio.”

“It is a pleasure to have Sun joining Tenet. He is an experienced public company finance leader with an understanding of the healthcare services value chain. I look forward to partnering with Sun to ensure a smooth transition of leadership of our strong finance function at Corporate and across our business units,” said Dan Cancelmi, Chief Financial Officer.

“I am excited to join Tenet Healthcare, a leading healthcare services company with a track record for growth and value creation,” said Sun Park. “I am looking forward to building upon the strong financial foundation to further the Company’s continued performance.”

About Sun Park

Before joining the Company, Sun Park was the Executive Vice President and Group Chief Financial Officer for Pharmaceutical Distribution and Strategic Global Sourcing of AmerisourceBergen, a Fortune 10 global pharmaceutical sourcing and distribution services company. Mr. Park has served in leadership roles at AmerisourceBergen, since joining in 2012, across finance, data & analytics, corporate strategy and development, and pharmaceutical manufacturer relationships. Previously, Mr. Park served in various

leadership roles at MedImmune, a global biotechnology company, at AstraZeneca, and at Merrill Lynch & Company. Mr. Park has a B.A. in Mathematical Economics and Molecular Biology from Yale University and a M.A. in Biotechnology from Johns Hopkins University.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates or has ownership interests in more than 465 ambulatory surgery centers and surgical hospitals. We also operate 61 acute care and specialty hospitals, approximately 110 other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers, and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.

Cautionary Statement

This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address the Company’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,” “plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, especially with regards to developments related to COVID-19. Particular uncertainties that could cause the Company’s actual results to be materially different than those expressed in the Company’s forward-looking statements include, but are not limited to, the impact of the COVID-19 pandemic and other factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2022, subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.