Ardent Health Strips Former CEO of $4.5 Million Over Undisclosed Third-Party Pay
Company Background
Ardent Health (NYSE: ARDT) operates 30 acute care hospitals and roughly 280 additional care sites across six states, with an approximate market capitalization of $1.7 billion. The company went public in 2024 under Bonick's leadership and has been navigating persistent operational headwinds — elevated professional fees, rising payor denials, and volume softness — that weighed on earnings throughout 2025 and into 2026.
The company is also under regulatory scrutiny on a separate front. In September 2026, following discussions with the SEC's Division of Corporation Finance, Ardent removed $97.7 million in non-GAAP adjustments from its 2025 financial disclosures, reducing reported Adjusted EBITDA for that year from $545.0 million to $447.3 million. The company said no GAAP financial statements required revision as a result.
Bonick was succeeded as CEO by Dave Caspers, the company's former Chief Operating Officer, who took the role effective June 2, 2026. When Caspers's appointment was announced, Bonick was described as stepping down to pursue other opportunities, and the board chairman publicly thanked him for guiding the company through its IPO.
What Was Disclosed
Four and a half months after Bonick's departure, the board conducted a formal review that included notice to Bonick and a hearing at which he was afforded an opportunity to respond. On October 19, 2026, the board determined that facts and circumstances discovered after the June 2 separation date would have given the company grounds to terminate Bonick for Cause as of that date. The specific finding: Bonick "failed to disclose fully to the Board and the Company compensation received from third parties otherwise required to be reported by Company policies."