Monday, December 6, 2010

Jeb Bush's New Board Seats

SEC filings indicate Jeb Bush landed three new board seats.
Angelica Corporation,  CorMatrix Cardiovascular, Inc. and Empower Software Solutions, Inc
I already had his Tenet Healthcare, Rayonier and CNL Bankshares board positions.

Jeb sits on Tenet's Quality, Compliance and Ethics Committee.  Funny, Florida Governor Jeb settled several times with Tenet for improper billing.  Brother George W., as President, omitted Tenet's Memorial Medical Center and the facility's 35 deaths from his Katrina Lessons Learned report.  Tenet lobbied the White House on corporate governance changes.  Lo and behold, Jeb landed a board seat the following year.

Jeb's 2009 board pay:


His stock holdings:

Tenet--218,623 shares (as of 9-30-10), worth $940,000
Rayonier--3,896 shares, worth $206,000

This data is from two of Jeb's six board slots, given four are private firms.  Angelica Corporation provides hospital linens.  Jeb joined their board in 2008.  Bush was appointed to CorMatrix Cardiovascular's board in January 2009.  He since keynoted a meeting "rethinking the future of cardiac care."  Empower Software Solutions lists Jeb as a board member, but doesn't give his start date.

Did W.'s endorsement of little brother for the Tenet board seat in 2006 open the gates for Jeb's current board success?  You won't find the answer in George W.'s book.  But I bet George P. knows.

Update:  Jeb's Tenet shares skyrocketed 53% due to Community Health Systems' takeover offer.   His holdings are now $1.4 million.  In Tenet's "Dear Wayne Letter," they cite Tenet's $1 billion Net Operating Loss Carry forward and $320 million in federal payments under the HITECH Act.

Update 1-21-11:  Jeb was appointed to the board of Swisher International in 2010.

Update 1-19-15:  Jeb served on the board of InnoVida from 2008 through 2010.  InnoVida's executives were convicted of fraud.