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Tenet Grants Stock Options to New CEO

September 23, 2003|From Dow Jones/Associated Press

Tenet Healthcare Corp. granted newly appointed Chief Executive and President Trevor Fetter stock options to buy 350,000 shares, according to a filing Monday with the Securities and Exchange Commission.

Fetter had been acting CEO of the Santa Barbara-based hospital chain since May, when then-CEO Jeffrey Barbakow resigned under pressure from the board. Tenet announced Sept. 16 that Fetter had been hired to fill the post permanently.

Tenet has been the subject of several state and federal investigations since last fall, when charges surfaced about unnecessary heart surgeries performed at Tenet's Redding Medical Center in Redding, Calif.

Tenet also granted Fetter two shares of restricted stock for each of the shares he buys, up to 200,000 shares.

The options carry an exercise price of $14.98 a share and vest on the first, second and third anniversaries of the Sept. 15 grant date.

Tenet shares closed at $15.16, down 30 cents, on the New York Stock Exchange.

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