Shares tumble as CEO quits

Thursday, March 27, 2003 | 9:40 a.m.

SUNRISE, Fla. -- Pediatrix Medical Group Inc., the largest health-care provider for premature or sick newborns and their mothers in the United States, said Chief Executive Kris Bratberg resigned, less than three months after starting the job.

The firm's shares fell as much as 19 percent this morning.

Bratberg, 40, stepped down for personal reasons, Pediatrix said in a statement. Company spokesman Bob Kneeley declined to elaborate. Bratberg was replaced by co-founder and Chairman Roger Medel. Medel, 56, was chief executive from 1979 until Jan. 1, when Bratberg took over.

The resignation comes amid a review of one of the company's acquisitions by the U.S. Federal Trade Commission. The FTC has twice asked Pediatrix for information about the purchase of Magella Healthcare Corp. in the past year. The FTC has sought information about both companies and the markets they serve.

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