HCA, Nashville, promoted R. Milton Johnson to executive vice president and chief financial officer, a newly created position for the company, which has not had a CFO since 1995. Johnson, 47, had been senior vice president and controller at HCA since 1998, and his association with the company and its spin-off HealthTrust dates to 1982. He will report to Jack Bovender Jr., HCA's chairman and chief executive officer, and will be responsible for all financial operations of the company, including treasury, government reimbursement, tax, accounting, insurance, risk management and financial reporting. In a news release, Bovender said Johnson's appointment consolidates several important financial functions under a single executive's oversight. In the past, Bovender has downplayed the importance of naming a CFO. Asked about hiring a CFO during a February 2003 conference call with investors, Bovender said HCA had a first-class finance department without a CFO. Events in other industries, Bovender said at the time, show that having a CFO may sometimes lead to financial manipulation or irregularities. -- by Vince Galloro
HCA hires CFO after nearly a decade without one
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