Thomas F. Frist Jr.

Thomas F. Frist Jr.
Born Thomas Fearn Frist Jr.
(1938-08-12) August 12, 1938
Nashville, Tennessee, U.S.
Residence Belle Meade, Tennessee, U.S.
Education Vanderbilt University; Washington University in St. Louis
Occupation Businessman, philanthropist
Net worth Increase US$8.1 billion (March 2015)[1]
Spouse(s) Patricia C. Frist
Children 2 sons (Thomas F. Frist, III and William R. Frist), 1 daughter (Patricia Frist Elcan)
Parent(s) Thomas F. Frist Sr.
Relatives Bill Frist (brother)
Charles A. Elcan (son-in-law)

Thomas Fearn Frist Jr. (born August 12, 1938) is an American heir, businessman and philanthropist.[2] He is a co-founder of the Hospital Corporation of America and is the wealthiest person in Tennessee.[2][3][4][5][6]

Early life

Thomas F. Frist Jr. was born on August 12, 1938. His father was Thomas F. Frist Sr..[2] His mother was Dorothy Cate. He has four siblings: physician and U.S. Senator Bill Frist;[7] Dr. Robert A. Frist; Dorothy F. Boensch; and Mary F. Barfield.

Frist grew up in Belle Meade near Nashville. He attended Montgomery Bell Academy, a Nashville prep school for boys. In 1958, Frist played quarterback for MBA's state championship football team. Frist's halfback on the team was Frank Drowota, who became the chief Justice of the Tennessee Supreme Court.[8] Frist graduated from Vanderbilt University and received an MD from Washington University in St. Louis.[2][4][6][9] He served as a flight surgeon in the United States Air Force.[2][3][5]

Business career

In 1968, he co-founded the Hospital Corporation of America with his father, Thomas F. Frist Sr., and Jack C. Massey.[2][3][5][6][10][11]

In 1977, he became President of HCA and, in 1987, Chairman, President and Chief Executive Officer. He served as Chairman of the Board in 1994, after the merger with Columbia, and after the merger with HealthTrust Inc. in April 1995, as Vice Chairman. He returned as Chairman and CEO of the company in 1997.[3][5]

He was Chairman and CEO until January 2001 and Chairman until January 2002.[3][5] In 2006, he took private equity investments in Bain Capital, Kohlberg Kravis Roberts and Merrill Lynch for $21 billion.[2][12] He holds the record for the biggest leveraged buyout of all time and biggest PE-led IPO of all time.[12] In 2009, he stepped down from the Board of Directors and his son, Billy Frist, joined the Board.[10] Frist was replaced as Chairman by Jack Bovender.[13]

From 1984-95, he served on the Board of Directors of IBM. He was the Chair of the Nashville Area Chamber of Commerce from 1999-2000.[3] He is a member of The Business Council.[6] In 2008, he co-founded the China Healthcare Corporation with Charles A. Elcan.[14][15] They have business interests in Cixi, China.[2] He serves as President of Okeechobee Hospital Inc. and Galen Of Florida Inc.[4]

Frist is President of Tomco II LLC, an aircraft company.[16] In 2000, Scott Mercy, Chairman and CEO of LifePoint Hospitals Inc. and Chairman of America Service Group Inc., died in a crash.[16][17][18] Similarly, in 2006, another aircraft belonging to Frist crashed.[16]

Philanthropy

He was inducted into the Healthcare Hall of Fame.[3] He served as Vice President of the Vanderbilt University Board of Trust from 1995 to 1997.[3][6] He is a recipient of the Distinguished Graduates Award of Vanderbilt University.[9] He is Chairman of the Frist Foundation and the Frist Center for the Visual Arts.[4][19] He is a member of the Nashville Public Library Foundation.[20]

He was a co-founder of the United Way Alexis de Tocqueville Society.[6][21] He also served as chair of the board of governors for United Way of America.[21] The Dr. Thomas F. Frist Jr. Excellence in Volunteer Leadership Award of the United Way was established in 1996.[21] In 2012, he received the United Way Lifetime Achievement Award.[22][23]

Personal life

Frist is married to Patricia C. Frist, and he has three children.[2][5] They reside in an $18-million house in Belle Meade, Tennessee.[24] They have two sons, Thomas F. Frist, III and William R. Frist, and a daughter, Patricia Frist Elcan, who is married to investor Charles A. Elcan.[15]

He is the wealthiest person in Tennessee, with an estimated wealth of $8.1 billion.[25][26]

References

  1. ↑ Forbes: The World's Billionaires: Thomas Frist Jr. & family, forbes.com; accessed September 6, 2015.
  2. 1 2 3 4 5 6 7 8 9 Forbes
  3. 1 2 3 4 5 6 7 8 Hospital Corporation of America press release
  4. 1 2 3 4 BusinessWeek biography
  5. 1 2 3 4 5 6 The Richest Man (or Woman) in Town, BusinessWeek
  6. 1 2 3 4 5 6 Avondale Partners biography, avondalepartnersllc.com; accessed September 6, 2015.
  7. ↑ "Dr. Thomas Frist Sr., HCA Founder, Dies at 87". NYTimes.com. New York Times. Retrieved 24 June 2015.
  8. ↑ "The 1956 Bell (the Yearbook of Montgomery Bell Academy)". e-yearbook.com. Montgomery Bell Academy. p. 93. Retrieved November 28, 2015.
  9. 1 2 Vanderbilt Graduates
  10. 1 2 Geert De Lombaerde, End of an era at HCA, Nashville Post, October 29, 2008
  11. ↑ Gregory Zuckerman, A Windfall for HCA Investors, The Wall Street Journal, March 4, 2011.
  12. 1 2 David Benoit, Schulze Looks to Join Kinder, Hefner in Founder Buyouts, The Wall Street Journal, August 6, 2012
  13. ↑ David A. Fox, Bovender to assume chairman's post at HCA from Frist, Nashville Post, July 30, 2001.
  14. ↑ E. Thomas Wood China Healthcare gives details of first hospital, Nashville Post, August 24, 2008
  15. 1 2 E. Thomas Wood, Opening the floodgates?, Nashville Post, July 27, 2008
  16. 1 2 3 "Aircraft owned by Tommy Frist in fatal crash", Nashville Post, July 20, 2006.
  17. ↑ David A. Fox, Mercy had problems with fuel switch prior to fatal flight, Nashville Post, October 17, 2001
  18. ↑ David A. Fox, Health-care exec Scott Mercy dies in plane crash, Nashville Post, May 31, 2000.
  19. ↑ Frist Foundation, About Us
  20. ↑ Nashville Public Library Foundation website, nplf.org; accessed September 6, 2015.
  21. 1 2 3 United Way of America
  22. ↑ "United Way Lifetime Achievement Award Presented to Dr Thomas F. Frist Jr.", Unitedway.org, May 3, 2012.
  23. ↑ Frist Gets United Way Lifetime Achievement Award, NewsChannel 5, May 3, 2012.
  24. ↑ Molly Cate, The House that Frist Built, Nashville Post, July 1, 2002.
  25. ↑ Profile, forbes.com; accessed September 6, 2015.
  26. ↑ "Tennesseans among Forbes richest", tennessean.com; accessed September 6, 2015.
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