Thomas Frist Jr. will step down from the board of HCA effective Jan. 1 and will be replaced by one of his sons, William Frist, HCA said in a securities filing. Another son, Thomas Frist III, also is an HCA director. Frist Jr., through his interests in a holding company that owns 97.5% of HCAs shares, controls an 18.9% stake in HCA, according to another securities filing.
Frist Jr., 70, who co-founded the Nashville-based company in 1968 with his father, Thomas Frist Sr., is leaving at the same time his right-hand man, Jack Bovender Jr., is stepping down as chief executive officer, which HCA announced last month. Richard Bracken, who is the companys chief operating officer, will replace Bovender as CEO effective Jan. 1. Bracken will be paid a salary of more than $1.3 million in 2009, with the potential of a bonus of up to 130% of that salary, or more than $1.7 million, according to the filing announcing Frists resignation. Bovender will serve as executive chairman until Dec. 15, 2009. Bovenders salary was set at about $1.1 million for 2009, with the potential to earn up to $750,000 in bonuses, according to the filing. -- by Vince Galloro