HMA Chairman William Schoen retires

NAPLES — William Schoen, Health Management Associates' chairman of the board since 1986, is retiring Sept. 1 or sooner if the company confirms a shareholder vote to remove him.

In a one-sentence securities filing late Tuesday, HMA says Schoen, 77, informed the hospital company board Aug. 7 of his impending retirement. The Naples-based company did not issue a press release about the retirement or a statement from Schoen.

Schoen became president, chief operating officer and a director of HMA in 1983. He rose to become chairman and CEO in 1986 and led the growth of the company to its current 71 hospitals. Schoen is well known in Naples for his community and philanthropic activities.

A proxy statement filed earlier this year shows Schoen owns 4.9 million shares of HMA, about 1.9% of the common stock outstanding. Based on Tuesday's closing price, his stake is currently worth nearly $65 million.

However, New York hedge fund Glenview Capital Management led a shareholder revolt to remove HMA's board of directors, including Schoen, arguing that shareholders suffered poor returns under his stewardship over the last decade. The hedge fund says it has garnered a majority of shareholder votes to remove the current board and the company has said it would comply if an independent inspector confirms the tally. Glenview owns 14.6% of HMA's stock.

Schoen's retirement and Glenview's proposed slate of directors puts in question a deal by Community Health Systems of Tennessee to acquire HMA for $7.6 billion. Glenview has questioned the value of the deal.