Glenview nominates a 9th for HMA board

NAPLES — In the ongoing saga surrounding Health Management Associates' future, Glenview Capital Management LLC has announced a ninth person for its proposed replacement of HMA's board of directors.

Glenview, a New York City-based hedge fund that is HMA's largest shareholder with 14.6% of its common stock, has added JoAnn Reed to its suggested list of eight people to replace HMA's current board as a “fresh alternative” for its leadership.

Reed served as the CFO and senior vice president of finance for Medco Health Solutions from 1992 to 2008. The complete list and biographies of Glenview's nine board nominees is available at a site dedicated to the campaign to replace HMA's board.

HMA recently urged shareholders in a letter not to respond to Glenview's call for action. The Naples-based hospital management company said shareholders should wait to see the outcome of the firm's recent actions, which includes hiring advisers to assess “strategic alternatives,” language that points to a possible sale of the company.

The company has been marked as a potential takeover target recently. It is currently under investigation by the U.S. Securities and Exchange Commission for its billing practices, and its first quarter earnings disappointed analysts. The company owns and manages 71 hospitals in non-urban areas in the U.S.