Prospect Medical Holdings, Santa Ana, Calif., said that Samuel Lee will replace Jacob Terner as chairman of the board of directors. Lee, 41, was promoted to chief executive officer of the company in March, with Terner retaining his role as executive chairman. Terner, 74, has resigned and intends to pursue other business and personal interests, according to Prospect.
Lee joined Prospect last year, when the company acquired his former employer, Alta Healthcare System, Los Angeles. Lee is a former general partner with private-equity firm Kline Hawkes & Co., Brentwood, Calif. In an interview at the time the Alta deal was announced, Terner noted that adding Lees expertise was a key part of the deal.
Terner joined Prospect in July 1996, according to a securities filing. Prospect manages the care of 240,000 HMO enrollees and operates two hospitals with a total of four campuses in Southern California. -- by Vince Galloro