On February 8, 2013, Kent H. Wallace gave notice of his resignation as the President and Chief Operating Officer of Vanguard Health Systems, Inc. (the “Company”). His resignation will be effective as of the close of business on February 28, 2013. Mr. Wallace resigned his position with the Company as he has agreed to become the Chief Executive Officer of RegionalCare Hospital Partners, Inc. The Company has agreed to waive the non-competition covenant that Mr. Wallace would have otherwise been subject to pursuant to the terms of his amended and restated employment agreement, but Mr. Wallace will continue to be subject to the covenant restricting his solicitation of employees of the Company and its subsidiaries as well as restrictions prohibiting disclosure of confidential information, each as set forth in his amended and restated employment agreement.
On February 14, 2013, the Company’s Board of Directors appointed Charles N. Martin, Jr., age 70, the Company’s Chairman of the Board and Chief Executive Officer, to the position of President of the Company, effective March 1, 2013. Mr. Martin has served as the Chairman of the Board and Chief Executive Officer since July 1997.