American Federation of State, County and Municipal Employees Pension Plan, Washington, called on Tenet Healthcare Corp.s board to split the positions of chairman and CEO, now held by Jeffrey Barbakow.
"The pricing and disclosure problems as well as reports of government investigations that have come to light in the last six months have caused a $17 billion drop in Tenets market value, Gerald W. McEntee, chairman of the $600 million plan, said in a statement. "A new structure must be implemented that will allow for greater board oversight if the company is to quickly regain the confidence of investors.
The plan submitted a shareholder resolution on the request.
Tenet officials couldnt be reached for comment.