Shareholder revolt ousts HMA board

NAPLES — Shareholders voted to replace the entire board of directors of Health Management Associates, including Chairman William Schoen, who guided the company's expansion since 1986.

Shareholders led by New York-based Glenview Capital Management, HMA's largest shareholder, voted to replace the entire board with a new slate, according to results released late Tuesday. The new chairman will be Steven Shulman, a former top executive with health insurance and management companies and the transition will take place this week, Glenview says.

The rare toss-the-board vote puts in jeopardy a recent offer by Tennessee-based Community Health Systems to acquire HMA for $7.6 billion. Glenview says it's not clear the offer values the company appropriately and it will review the deal.