Summit Health Ltd., a Los Angeles-based operator of hospitals and nursing homes, announced that William L. Pierpoint has been replaced as president and chief executive by Don Freeberg, the company’s founder and its largest shareholder.
Pierpoint will remain as a director but will not maintain an office at the company, said Judd Osten, Summit’s vice president for legal affairs.
No reason was given for Pierpoint’s departure, and he could not be reached for comment. “There is not comment, other than that he has resigned,” Osten said.
Summit last month reported that it lost $10.2 million in the fourth quarter ended June 30 and $6.6 million for the fiscal year. In the previous fiscal year, Summit earned $7.9 million.