Total Renal Care Chooses Ex-Vivra Chief as New CEO
Total Renal Care, one of the largest operators of kidney dialysis centers, appointed Kent J. Thiry chairman and chief executive.
Thiry, 43, replaces Victor M.G. Chaltiel, who resigned in July when the firm said second-quarter earnings would be lower than expected. Its shares lost a third of their value that day and have yet to recover, trading at a three-year low last week.
“People are relieved to see them with permanent leadership in place,” said William Bonello, a US Bancorp Piper Jaffray analyst with a “neutral” rating on the company. “He’s a pretty good choice because he’s got a proven track record in the industry.”
The announcement propelled Torrance-based Total Renal stock up $1.25, or 21%, to close at $7.25 on the New York Stock Exchange.
Thiry was president and chief executive of Vivra Inc. from 1992 to 1997, when the company was sold for about $1.5 billion in cash to Gambro of Sweden, which makes medical devices and operates dialysis centers. His success with the sale of that business raised speculation that he could turn around Total Renal and sell it, Bonello said.
Total Renal Care operates more than 500 outpatient-dialysis facilities serving more than 45,000 patients.
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