Who: Leif Murphy
New role: By Oct. 1, Murphy will become the CEO of TeamHealth, replacing the retiring Mike Snow, 61, who drew the ire of shareholders for rejecting a $5 billion merger with rival Amsurg and after watching earnings and the company's stock price sink. Knoxville, Tenn.-based TeamHealth is the nation's largest physician-staffing company for hospitals.
Background: Murphy was CFO of LifePoint Health for three years and chief development officer for the two years before that. Over that time, revenue more than doubled to $6.5 billion expected in 2016 versus $3 billion in 2011. Some 25 hospitals have been added to the system. Murphy has CEO experience, serving as the leader of DSI Renal from 2008 to 2011.
A known quantity: One of the TeamHealth board members directing the CEO search was Edwin “Mac” Crawford, whom Murphy worked under when Crawford was CEO of Caremark. Murphy was treasurer of Caremark when the company merged with drugstore chain CVS.
Key priority: Completing the integration of IPC, a physician-staffing firm for post-acute facilities acquired in November for $1.6 billion. The two cultures have clashed, with IPC suffering a higher physician turnover rate and its physicians preferring a bigger percentage of compensation in bonuses and merit pay.