UNIVERSAL HEALTH SERVICES, INC. (OTCMKTS:UHID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure and Compensatory Arrangements of a Certain Officer
(b)On December 6, 2018, the Company announced the impending retirement of Debra K. Osteen, Executive Vice President and President of the Behavioral Health Division.At that time, in conjunction with Ms. Osteen’s planned retirement, which was scheduled for January 31, 2019, the Company had entered into a separation and consulting agreement (“Agreement”).
Ms. Osteen has since advised the Company that, in lieu of retirement, she has elected to assume a position with another company in the behavioral health industry. Towards that end, Ms. Osteen rescinded the Agreement within the statutory time period for rescission and has resigned her employment with the Company effective close of business Thursday, December 13, 2018. As a result of such resignation and rescission of the Agreement, all of Ms. Osteen’s unvested options have terminated and she will not be entitled to any severance payments or other compensation from the Company, as provided for to the terms of the Agreement.
As announced in the previous 8-K, Alan Miller, Chief Executive Officer, and Marc Miller, President, will assume and share the interim responsibilities for the Behavioral Health Division in conjunction with Senior Vice Presidents of the Division. The Company has commenced a search for a permanent replacement to lead the Behavioral Health Division.
About UNIVERSAL HEALTH SERVICES, INC. (OTCMKTS:UHID)
Universal Health Services, Inc. is a holding company. The Company, through its subsidiaries, is engaged in owning and operating acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. Its segment is acute care hospital services and behavioral healthcare services. The Other segment includes centralized services, including information services, purchasing, reimbursement, accounting, taxation, legal, advertising, design and construction and patient accounting, as well as the operating results for its other entities, including outpatient surgery and radiation centers. Its services include general and specialty surgery, internal medicine, obstetrics, radiology, oncology, diagnostic care, coronary care, pediatric services and pharmacy. It operates over 20 inpatient acute care hospitals, over three free-standing emergency departments, and over 210 inpatient and over 20 outpatient behavioral healthcare facilities.