New CEO Contract Unanimously Approved

Today, Lisa Jensen, Chair of the Valley Medical Center (VMC) Board of Trustees, announced the Board’s unanimous approval of a two year contract for VMC’s chief executive officer, Rich Roodman. Roodman has served as CEO at Valley for 31 years playing a key role in increased access to high quality primary and specialty healthcare services in the local community while leading VMC to recognition as one of the Best Places to Work in the nation.

Jensen stated, “This agreement strikes a balance that acknowledges Rich’s service and performance at VMC, and also recognizes the changing times at VMC and in healthcare in general. We value the role he will play in ensuring VMC’s continued success in the future and anticipate a smooth transition that will position VMC to meet the challenges of healthcare and accomplish the Triple Aim: 1) improve the patient experience of care, 2) improve health of populations and 3) reduce the per capita cost of healthcare.”
Roodman will serve another two years as chief executive officer and work with the Board of Trustees on succession planning. The new contract freezes his salary and incentive at current levels, discontinues retention payments and discontinues contributions to supplemental retirement plans:

Core Compensation & Benefits 2013 2014: New Contract
Base Salary: FROZEN
(No cost of living increase, which accounted for 2% of base salary in recent years, or about $15,000)
$768,841 $768,841
Incentive Award: FROZEN TARGET
(Based on attainment of Board approved annual goals)
$238,341 $238,341
Retention Program: DISCONTINUED
(In place for previous 10 years)
$274,000 $0
Supplemental Retirement: DISCONTINUED
(15% of total cash compensation, established in 1984 & 1986)
$191,577 $0
$1,472,759 $1,007,182

“This new contract will allow me to continue doing what I enjoy most, providing leadership by steering the organization toward specific performance goals related to patient satisfaction, quality care, financial stability and being a great place to work.” Roodman reflects, “As a red-headed kid who grew up in St. Louis and loved baseball, Red Schoendienst, was my childhood hero. He was a baseball hall of famer with the Cardinals known for his ability to excel as both a player and a coach. Like him, I very much look forward to being a player/coach at this point in my career and mentoring my eventual successor.”