The longtime CEO of Universal Health Services (NYSE: UHS) — Alan B. Miller — is stepping down after more than 40 years on the job, the hospital management giant announced Tuesday.
Miller, who is 83, will vacate the CEO position in January 2021, when his son, 50-year-old Marc D. Miller, will take over. Meanwhile, Alan Miller will continue to serve as executive chairman of the board of directors and retain certain other management responsibilities, according to a press release announcing the news.
Alan Miller is one of the longest-serving CEOs in the U.S. He has been leading UHS since 1979, when he founded the company with just six employees.
Today, UHS has about 90,000 employees and operates nearly 400 facilities across the U.S., Puerto Rico and the United Kingdom. That includes 330 behavioral health facilities, 41 outpatient facilities, 26 acute care hospitals and a number of ambulatory care sites. In 2019, UHS brought in $11.4 billion in annual revenues.
Like his father, Marc Miller has long been a part of the UHS legacy. He joined the company more than 25 years ago and has served as president of UHS since 2009.
“UHS’ reputation as a financially stable, innovative and award-winning healthcare company will continue,” Marc Miller said in a press release announcing the news. “Our leadership team is fully engaged and well-positioned to continue to deliver solid performance, achieve strategic growth and expansion and deliver superior care to patients.”