Connery out as Essent CEO Firm took over Sharon Hospital in 2002


SHARON — W. Hudson Connery Jr., the founder and chief executive of the company that owns Sharon Hospital, is no longer with Essent Healthcare, The Lakeville Journal has confirmed.

Connery and Essent parted ways last week, said Essent spokesman David Jarrard. Connery, who founded Essent in 1999, is being replaced on an interim basis by the company’s chief financial officer, Mike Browder, who is also a candidate to lead the company on a permanent basis. Jarrard declined to characterize the nature of Connery’s departure, except to say that, "We’re proud of the company built during Hud’s tenure."

As for rumors that the company was for sale, Jarrard flatly denied them. All five of the company’s hospitals are "growing and profitable in their markets," he said, "and we’re committed to investing in those markets and moving forward." He acknowledged that about six months ago Essent conducted a strategic review that considered a sale, "but the board leadership concluded it was best to continue our work."

Sharon Hospital, which turned 98 years old this year, appears to be in much better shape than it was when it was acquired in April 2002 by Essent, an investor-owned health care company based in Nashville, Tenn.

Under nonprofit management, the debt-ridden hospital had lost about $16 million in the six years before Essent bought it. The aging physical plant was in disrepair and it looked as if the 78-bed acute care hospital would close or become an outpatient facility.

Essent pledged to retire Sharon’s debt, finance an $8-million renovation project, fund a locally controlled community health foundation worth between $16 million and $20 million, and restore the hospital’s long-term fiscal health — all without a reduction in patient services. And a $17-million capital improvement project is slated for completion by the end of the year.

Calls to members of the Community Association to Save Sharon Hospital (CASSH), an organization whose stated goal was to stop the first conversion in Connecticut of a nonprofit hospital to for-profit status, were not returned by press time Wednesday morning.

Charlie Therrien, Sharon Hospital’s chief executive officer, sent a memorandum this week to the hospital staff announcing the change in corporate leadership. In an interview, he emphasized that patients and staff would not be affected by the change.

"Sharon Hospital is in great shape," said Therrien, who has been with the hospital since 2002 and CEO since 2005. "I’m totally confident there will be no changes."

Before founding Essent, Connery was founder of Arcon Healthcare, and, prior to that, served as chief operating officer of HealthTrust, the 110-hospital company based in Nashville, Tenn., according to Connery’s Essent biography.

The Nashville Post reported earlier this week that Connery was forced out. Citing anonymous sources, the paper said, "Allegedly, Connery and the board are currently at odds over a severance package" and that "his interest in the company could total several million dollars." Arcon, Connery’s previous company, filed for Chapter 11 bankruptcy protection in 1998, the paper reported.

 

 

 

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