At the time the agreement was reached, a lawyer for the $10.5-billion Teachers Retirement System of Louisiana said the fund’s goal was to remove the directors who presided over HealthSouth’s plunge into scandal. “Regime change was desperately needed at HealthSouth,” Stuart Grant, a partner in Wilmington, Delaware-based Grant & Eisenhofer, the law firm that represented the fund, said (See HealthSouth Agrees to Board Makeover ).
Overall, the agreement between the pension fund and HealthSouth reached in December called five board members to step down. Board members George Strong and Charles Newhall III resigned in January. Striplin, 74, has been on the board of directors with the embattled health care company since April 1999. HealthSouth said the two remaining board members called on to resign will step down by the end of August.