August 21, 2017 / 4:26 PM / a year ago

ASL Strategic Fund asks Community Health to replace CEO

(Reuters) - ASL Strategic Value Fund has sought the replacement of hospital operator Community Health Systems Inc’s chief executive, Wayne Smith.

Shares of the company rose about 11 percent to $7.80 in afternoon trading on Monday.

ASL, which is a long-time investor in the company, said it had tried to contact the management to voice its concerns on weak quarterly results but failed to get a response.

In a letter dated Aug 8, the fund said the management had failed to meet its own operating outlook for revenue growth and EBITDA, among others, over the course of the year.

Earlier this month, Community Health posted a surprise quarterly loss and narrowed its full-year revenue forecast range amid weak patient volumes.

It was not clear how much shares the fund owns in the company.

Reporting by Divya Grover in Bengaluru; Editing by Arun Koyyur

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