Tenet's CEO Checks Out
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After a seven-month attempt to regain investors' confidence, Jeffrey Barbakow resigned as Tenet Healthcare (YHC) CEO on May 27. Trevor Fetter, Tenet's president, will serve as acting CEO until the board names a permanent replacement. The Santa Barbara (Calif.)-based hospital operator had been under fire since revealing late last year that it had exploited a Medicare pricing loophole. It has since halted the practice and announced a $100 million cost-cutting plan. Investors pushed up Tenet's stock 4%, to $16.14, on news of Barbakow's departure.