Rocco Ortenzio

Rocco Ortenzio was an Italo American businessman and philanthropist, who during his career founded several health care companies. He died on October 26, 2024.

Business career

Ortenzio co-founded Select Medical Corporation in 1996 with his son, Robert.[1] Select Medical "operate[s] hospitals within hospitals," and "provide[s] acute long-term care to critically ill patients."[2] Beginning in February 1997, Ortenzio held the position of chairman and chief executive officer for Select Medical: he held these positions until that September.[3] In the same year, he was awarded the Business Achievement Award from the West Shore Chamber of Commerce.[4] Since that time, he has served as its executive chairman.[3] In 1998, Select Medical bought fellow health care provider Intensiva for approximately $110 million.[2] In February 2010, it was estimated that both Rocco and his son had made "about $200 million from salary, benefits and share sales since founding Select in November 1996."[5] In September 2009, they sold 90% of Select Medical to the public through shares, but retained around $200 million worth of the company, or 10 percent.[5]

In 1995, Rocco Ortenzio sold his company Continental Medical Systems to Horizon Healthcare Corporation for $502 million in stock.[6] He had founded Continental in 1986, and held the positions of chairman and chief executive officer until July 1995.[3] After the merger, he became the vice chairman of Horizon, which became one of the largest companies of its kind in the U.S.[6] Horizon/CMS was eventually acquired by HealthSouth in 1997.

Philanthropy and community involvement

Ortenzio was also made a Knight of the Order of St. Sylvester, on October 21, 2007.[7] Ortenzio and his son, Robert, along with Select Medical, made the largest-ever private donation ($5.2 million) to the Harrisburg University of Science and Technology.[8]

Political activities

Ortenzio donated $1 million to Restore Our Future, Mitt Romney's Super PAC, in 2012.[9] Ortenzio has also contributed to Bob Casey, Jr., Pat Toomey, Lee Terry, Bob Corker, and other members of Congress.[10]

References

  1. ^ Blymire, David (2003-09-21), "Momentum Builds for West Shore Corporation", The Sentinel, retrieved 2010-01-14
  2. ^ a b The Week in Review, St. Louis Business Journal, 1998-11-13, retrieved 2010-02-05
  3. ^ a b c Ortenzio, Rocco – Brief Biography, Reuters, retrieved 2010-01-19
  4. ^ Miller, Dan (2007-10-02), "Rite Aid Corp. CEO to Receive Business Award", pennlive.com, The Patriot-News, retrieved 2010-01-16
  5. ^ a b Berenson, Alex (2010-02-10), "Long-Term Care Hospitals Face Little Scrutiny", Sarasota Herald-Tribune, retrieved 2010-02-13
  6. ^ a b "Horizon Healthcare to Buy Continental", The New York Times, 1995-04-01, retrieved 2010-02-01
  7. ^ "Pontifical Honors Announced, Locals Included", Gettysburg Times, 2007-08-29, retrieved 2010-01-18
  8. ^ Sparks, Evan (Spring 2012). "New U." Philanthropy. Retrieved 5 June 2012.
  9. ^ "The SuperPAC Superdonors". NPR. 23 October 2012. Retrieved 12 December 2013.
  10. ^ "Rocco Ortenzio Political Campaign Contributions 2012 Election Cycle". CampaignMoney.com. Retrieved 12 December 2013.
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