Peter Bulgarelli
About Peter Bulgarelli
Peter Bulgarelli (age 65) serves on Ardent Health Partners, Inc.’s Board, having joined in September 2018; he brings a real estate and healthcare operations background, including executive roles at Ventas and Lillibridge Healthcare Services, and earlier leadership across healthcare, life sciences, higher education, and public sector businesses at Jones Lang LaSalle. He holds a BS in civil engineering from the University of Illinois and an MBA from Northwestern University’s Kellogg School of Management; the Board cites his extensive experience overseeing and managing companies as core credentials for his role. Notably, he was designated to Ardent’s Board by Ventas under the Nomination Agreement, reflecting a strategic landlord relationship; Ardent’s Board determined he is not independent under NYSE rules due to Ventas affiliations and related-party arrangements.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jones Lang LaSalle, Inc. (JLL) | Led industry-focused businesses (healthcare, life sciences, higher education, public sector) | 28-year career (prior to 2018) | Built and led sector-focused practices; extensive operating oversight |
| Lillibridge Healthcare Services, Inc. (Ventas subsidiary) | President & CEO | Since April 2018 | Operates and manages medical office building portfolio; integration with Ventas outpatient strategy |
| Ventas, Inc. | Executive Vice President, Outpatient Medical and Research | Since April 2018 | Executive leadership over outpatient medical and research assets |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PMB Real Estate Services | Director | Since August 2018 | Advises on medical real estate operations |
| Ann & Robert H. Lurie Children’s Hospital of Chicago | Fiduciary Board & Finance Committee; Chair, Real Estate Advisory Council | Since August 2022 | Oversight on finance and real estate strategy; governance contribution |
| American Diabetes Association (Illinois Board) | Past Chairman | Prior service (date not specified) | Non-profit leadership experience |
Board Governance
- Independence status: Not independent under NYSE rules; the Board found only Messrs. Bonick and Bulgarelli were non-independent among directors in 2024, due to affiliations and transactions involving Ventas (Ardent’s landlord and holder of nomination rights).
- Designation and interlocks: Designated to Ardent’s Board by Ventas under the Nomination Agreement; Ventas retains rights to nominate one director while EGI-AM controls Board majority.
- Committee memberships (2024 and changes):
- Audit & Compliance Committee: Member until stepping down upon completion of IPO in July 2024; Audit held 7 meetings in 2024.
- Nominating & Corporate Governance Committee: Member until stepping down upon completion of IPO in July 2024; Nominating held 5 meetings in 2024.
- Compensation Committee: Member throughout 2024; Committee held 9 meetings; Compensation Committee Report lists him among members.
- Patient Safety & Quality of Care Committee: Member throughout 2024; Committee held 4 meetings; chaired by Dr. Robinson.
- Board meeting attendance: Each director attended at least 75% of Board and applicable committee meetings in 2024; Board held 6 meetings.
- Executive sessions: Board conducts non-employee and independent director executive sessions regularly.
| Governance Item | Status/Detail |
|---|---|
| Independence | Not independent (Ventas affiliation and related-party arrangements) |
| Designation | Ventas-nominated director under Nomination Agreement |
| 2024 Committees | Comp (member) ; Quality (member) ; Audit (stepped down post-IPO) ; Nominating (stepped down post-IPO) |
| Meetings (2024) | Board 6; Audit 7; Nominating 5; Compensation 9; Quality 4 |
Fixed Compensation (Director)
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | Ventas designated him as ineligible for director compensation program (Legacy and 2024 Programs). |
| Committee chair/member fees | $0 | Ineligible under director compensation program. |
| Meeting fees | $0 | Not part of program; ineligible. |
| Director equity (Annual Director RSUs) | $0 | Ineligible; Annual Director RSUs under 2024 Program excluded. |
Performance Compensation (Director)
| Metric | Applicability to Director | Detail |
|---|---|---|
| RSUs/PRSUs performance-linked grants | Not applicable | Annual Director RSUs and Special Director RSUs granted in 2024 exclude Mr. Bulgarelli per Ventas designation; no director equity awarded. |
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock/Exposure |
|---|---|---|---|
| Ventas, Inc. | Public REIT (landlord) | EVP, Outpatient Medical & Research | Ventas is Ardent’s landlord; Ardent sold 18 medical office buildings to Ventas for $204.0M with 12-year leaseback and options; Ventas holds ~6.5% via ALH Holdings, LLC; Ventas has nomination rights. |
| Lillibridge Healthcare Services (Ventas subsidiary) | Private | President & CEO | Operates medical office buildings; affiliated with Ventas. |
| PMB Real Estate Services | Private | Director | Medical real estate operator; industry overlap. |
| Lurie Children’s Hospital | Non-profit | Fiduciary Board/Finance Committee; Chair Real Estate Advisory Council | Healthcare governance; no direct commercial transactions disclosed with Ardent. |
Expertise & Qualifications
- Healthcare real estate operations; executive leadership across outpatient portfolios and medical office operations (Ventas/Lillibridge).
- Sector leadership across healthcare, life sciences, higher education, and public sector at JLL (28-year career).
- Technical training (civil engineering) and MBA (Kellogg) underpin operational and strategic oversight.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Peter Bulgarelli | — | — | No ARDT shares reported under beneficial ownership as of March 28, 2025. |
| Ventas via ALH Holdings, LLC | 9,342,501 | 6.5% | Ventas sole voting and dispositive power; related-party exposure. |
| Ownership guidelines applicability | Not applicable | Non-employee director stock ownership guidelines do not apply to directors who do not participate in director compensation program (as is the case here). |
Governance Assessment
- Strengths: Extensive healthcare real estate and operations background; active committee participation (Compensation and Quality) in 2024; attendance at least 75% of Board/committee meetings.
- Conflicts/RED FLAGS:
- Not independent; designated by Ventas, a material landlord and equity holder; related-party exposure includes a $204.0M medical office portfolio sale and leaseback (12-year initial term, renewal options) and ongoing rent payments under the Ventas Master Lease.
- Ardent repurchased certain Ventas-held shares for $26.0M concurrent with the Pure Health minority investment; signal of complex capital flows with related party.
- No direct ARDT equity ownership; ineligible for director compensation/stock grants, limiting direct “skin-in-the-game” alignment at the individual level (though Ventas holds 6.5%).
- Mitigants:
- Stepped down from Audit and Nominating committees post-IPO (July 2024), reducing direct involvement in oversight areas where related-party conflicts are most sensitive (audit/nomination).
- Audit committee retains independent members and financial experts; related-party transactions subject to committee review per charter.
- Implications for investors:
- Expect heightened scrutiny of related-party leases and transactions involving Ventas; monitor committee compositions, recusal practices, and disclosure rigor in “Certain Relationships and Related Party Transactions.”
- Alignment relies more on Ventas’s stake and governance arrangements than individual director equity; consider Board’s controlled company status and nomination rights in assessing board effectiveness and minority shareholder protections.