Tenet Healthcare Corp.
THC,
-1.43%
said late Monday that Ron Rittenmeyer, who has served as chief executive and executive chairman for nearly four years, will step down as CEO, to be replaced by Saum Sutaria. Rittenmeyer will continue as executive chairman of the company and the board through 2022, Tenet said. Sutaria, who serves as president and chief operating officer, will become CEO on Sept. 1 and will continue to report to Rittenmeyer. Working on a transition plan has been one of Rittenmeyer's goals when he took over, the company said in a statement. "During the past several years, Saum and I have worked closely together through extraordinary times including COVID, and at each step, he has continued to demonstrate excellent leadership in framing the right strategic and tactical pathway," Rittenmeyer said in a statement. "Our partnership at the top of this organization will continue as we transition the work and further advance the transformation that is underway. This approach helps ensure consistency and an appropriate runway for us to finalize the changes we have successfully embedded into the company," he said. Tenet stock was flat in the extended session Monday after ending the regular trading day down 1.4%.