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Health Management Associates financial execs are out

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Health Management Associates Inc., the Florida-based for-profit company that owns three local hospitals, announced Tuesday that its CFO and senior vice president of finance are no longer with the company.

On Sept. 11, HMA said, Kerrin E. Gillespie resigned as senior vice president of finance, effective Sept. 13. On Sept. 12, HMA said, the company and Kelly E. Curry, executive vice president and CFO, agreed that Curry’s employment with the company would cease effective Sept. 13. HMA indicated that it intends to enter into a separation agreement with both Curry and Gillespie but did not provide further details.

As of this morning, HMA’s website still featured a link to an HMA blog posting from December 2011 indicating that Curry was recognized by Becker’s Hospital Review as one of 110 Hospital and Health System CFOs to Know. The post describes Curry as “a true team player” and quotes him as saying, “This recognition is directly the result of the excellent financial team here at Health Management.”

According to the post, Curry had been HMA’s CFO since January 2010 and prior to that served as HMA’s chief administrative officer and COO, with 30 years of hospital and health management experience.

HMA announced in July that it had entered a definitive merger agreement to be acquired by Community Health Systems Inc., which owns one local hospital. Several weeks later, the activist shareholder that had been angling for months to get control of the company announced that HMA shareholders had voted to remove and replace HMA’s entire board of directors, which cast doubt on the acquisition plans.

HMA’s local hospitals are Carlisle Regional Medical Center, Lancaster Regional Medical Center and Heart of Lancaster Regional Medical Center. CHS’s local hospital is Memorial Hospital in York.

HMA said Gary S. Bryant, a CPA, was appointed senior vice president and interim CFO, effective Sept. 16. Bryant, 43, has served as the senior vice president and controller since April 1. Since Feb. 16, 2010, Bryant has served as the company’s principal accounting officer, vice president and controller. He joined the company in 2006 as its corporate controller. His previous experience included two years as vice president and controller at MedCath Corp. and a number of management positions in both publicly traded and privately held companies.

As a result of the new appointment, HMA said, Bryant’s base salary was increased to $450,000 and he will receive “other health, retirement and personal benefits customarily provided to the company’s named executive officers (other than participation in the company’s supplemental executive retirement plan).” He continues to be eligible to participate in the annual incentive and long-term incentive compensation programs and is currently a participant in the executive change in control retention bonus and severance plan.


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