Santa Ana-based hospital operator Integrated Healthcare Holdings Inc. said its president, Larry Anderson, has left the company.
Anderson, who cofounded Integrated with Chief Executive Bruce Mogel in 2003, ended his employment “by mutual agreement,” according to a filing with the Securities and Exchange Commission.
Anderson plans to serve as a consultant through June.
Mogel is adding the president’s title and duties.
Anderson is set to get $465,000 in severance and $180,000 under the consulting deal, according to the filing.
As chief executive, Anderson helped beat back efforts by shareholders to remove him and Mogel from Integrated’s top two jobs.
Under Anderson, Integrated also was able to refinance its long-term debt with its lender, Medical Capital Corp. of Anaheim, back in October.
Integrated had operated under a deal that allowed it time to refinance its debt while Medical Capital didn’t exercise its rights. That deal also blocked Medical Capital from removing Anderson or Mogel.
During that time, Integrated’s management traded lawsuits with a company director and its majority shareholder, the Orange County Physicians Investment Network.
Integrated spent $70 million in 2005 to buy four hospitals,Western Medical Center-Santa Ana, Western Medical Center-Anaheim, Coastal Communities Hospital in Santa Ana and Orange’s Chapman Medical Center,from Tenet Healthcare Group Inc.
Integrated has also proposed to spend $68 million to buy Anaheim Memorial Medical Center.
