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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
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Commission Only (as permitted by Rule
14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section
240.14a-12
TENET HEALTHCARE CORPORATION
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(Name of Registrant as Specified in Its Charter)
TENET SHAREHOLDER COMMITTEE, L.L.C.
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The Tenet Shareholder Committee, L.L.C.
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Contact: Josh Pekarsky
Sarah Zitter Milstein
Kekst and Company
(212) 521-4800
FOR IMMEDIATE RELEASE
TENET SHAREHOLDER COMMITTEE WINS CALPERS VOTE
-- INFLUENTIAL SHAREHOLDER CALLS FOR BETTER MANAGEMENT AND
INCREASED SHAREHOLDER VALUE --
-- REJECTS INCREASE OF DIRECTORS STOCK OPTION PLAN BECAUSE OF BOARD'S
"LOW QUALIFICATIONS" --
NEW YORK, NY, SEPTEMBER 26, 2000 - The Tenet Shareholder Committee today
announced that the California Public Employees Retirement System (CalPERS), the
nation's largest public pension fund with assets totaling more than $170
billion, will support the Committee's slate of nominees to the Board of
Directors of Tenet Healthcare Corporation (NYSE: THC) at its annual meeting,
which will be held in Beverly Hills, California on October 11, 2000.
CalPERS, which owns 1,776,647 Tenet shares, said that its decision was largely
influenced by its belief that the Committee's nominees will "spur [Tenet] to
pursue strategies that result in more efficient management and increased
shareholder value." The group also cited Tenet's current Board for ignoring
overwhelming shareholder votes in 1998 and 1999 in favor of de-staggering the
Tenet Board.
Furthermore, CalPERS voted against Tenet's Proposition 2, which would increase
the number of shares available under the Directors Stock Option Plan. In voting
against that proposal, CalPERS stated that, in its view, "the requested
increase is excessive given the low qualifications of the current Board."
Dr. M. Lee Pearce, chairman of The Tenet Shareholder Committee, said, "We are
extremely gratified by CalPERS' decision. Clearly, we are not alone in calling
for serious change and accountability at Tenet. It is time that Tenet is
reminded who owns the company and told that its shareholders will no longer
stand for inadequate corporate governance, a bloated management structure and
excessive management and Board compensation. We believe that the only way to
achieve sustainable shareholder value at Tenet is with directors and management
who are focused on improving Tenet's operations and held accountable to
shareholders."
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