The activist investor pushing for a shake-up of Health Management Associates is attempting to install a new board of directors that's potentially more supportive of selling the company.
Not to be outdone by the news that two publicly traded hospital chains have agreed to a merger, hedge fund Glenview Capital Management has embarked on its own public relations campaign, reaching out to the news media and shareholders and setting up a website, Revitalize HMA.
New York City-based Glenview also filed a proxy statement today with the U.S. Securities and Exchange Commission to nominate a slate of eight directors to HMA's board—a complete overhaul of the company's leadership team. HMA's current board of nine, which includes outgoing President and CEO Gary Newsome, has been chaired by William Schoen since April 1986.
In its materials to shareholders, Glenview has tried to paint itself as a long-term investor that was forced to become activist because of the “situational dynamics” at HMA and an “insular and stale” board.