Health Management Associates, Naples, Fla., said in a securities filing that Joseph Vumbacco will retire from his position as vice chairman of the company effective Dec. 31. Vumbacco, 62, joined HMA in 1996 as executive vice president. In April 1997, he was promoted to president of the company, and he was further promoted to chief executive officer in January 2001. Burke Whitman replaced Vumbacco as CEO on June 1.
Vumbacco will work as a consultant to HMA for at least one year after his retirement as an officer and director. He will be paid $400,000 annually for his consulting and will receive company benefits and perquisites, the filing said. -- by Vince Galloro