Rocco Ortenzio

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

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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]

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References

  1. ↑ Blymire, David (2003-09-21), "Momentum Builds for West Shore Corporation", The Sentinel , retrieved 2010-01-14
  2. 1 2 The Week in Review, St. Louis Business Journal, 1998-11-13, retrieved 2010-02-05
  3. 1 2 3 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. 1 2 Berenson, Alex (2010-02-10), "Long-Term Care Hospitals Face Little Scrutiny", Sarasota Herald-Tribune , retrieved 2010-02-13
  6. 1 2 "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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