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Investment firm ASL Strategic Value Fund has written a letter to the Community Health Systems board of directors that demands the immediate ouster of CEO Wayne Smith. ASL also urged the board to "claw back significant portions" of compensation from existing and retired executives as the for-profit hospital company continues to bleed losses and flirts with bankruptcy.
Key quote: "Management's previous missteps have resulted in billions of dollars of shareholder losses, all the while reaping tens of millions of dollars in compensation."
Why it matters: ASL's letter was dated Aug. 8 but was just publicized Monday — a week after our report on the collapse of CHS. The company did not respond, and now there's immense pressure on the board to do something. But one hospital industry observer told Axios that Smith has kept his job for so long because CHS' board is "populated with friends of Wayne."