Wright Lassiter III
FortiveAbout Wright Lassiter III
Wright L. Lassiter III is CEO of CommonSpirit Health (since 2022), chair of the American Hospital Association Board of Trustees, and a long-tenured healthcare operator with prior CEO experience at Henry Ford Health System (2014–2022). He serves as an independent director at Fortive (FTV) and as a director of Quest Diagnostics (since 2020); he previously served as lead independent director at DT Midstream (2021–2023) and as a Director of the Federal Reserve Bank of Chicago (2018–2021) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Henry Ford Health System | President & CEO | 2014–2022 | Led a $7B not-for-profit health system; operational, strategic execution |
| DT Midstream | Lead Independent Director | 2021–2023 | Board leadership at public energy company |
| Federal Reserve Bank of Chicago | Director | 2018–2021 | Regional central bank governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CommonSpirit Health | CEO | Since 2022 | Runs integrated health system with >2,200 care sites in 24 states |
| American Hospital Association | Chair, Board of Trustees | Current | National hospital advocacy leadership |
| Quest Diagnostics | Director | Since 2020 | Public company board service |
Board Governance
- Independence: Board affirms Lassiter is independent under NYSE rules .
- Committee assignments: Member, Compensation Committee (not chair) .
- Attendance: In 2024 the Board met 7 times; all directors attended ≥75% of Board and committee meetings. In 2023 the Board met 9 times; all directors attended ≥75% and the virtual annual meetings .
| Committee | 2024 Membership | 2025 Membership |
|---|---|---|
| Audit | — | — |
| Compensation | Member | Member |
| Nominating & Governance | — | — |
| Finance | — | — |
Fixed Compensation
| Component | Amount | Terms |
|---|---|---|
| Annual Director Retainer | $105,000 | Payable in cash or RSUs via annual election (deferred settlement options) |
| Committee Fees – Compensation (Member) | $10,000 | Payable per annual election |
| Committee Fees – Chair (reference) | $20,000 (Comp), $25,000 (Audit), $20,000 (Nominating & Governance), $10,000 (Finance) | For chairs; Lassiter is not a chair |
| Board Chair Retainer (reference) | $92,500 | For independent Chair, not applicable to Lassiter |
| Meeting Fees | None disclosed | — |
| Education Reimbursement | Up to $10,000/year | Continuing director education |
Performance Compensation
Directors receive an annual equity mix: 75% RSUs and 25% stock options; options are fully vested at grant; RSUs vest at the earlier of 1 year or immediately prior to the next annual meeting .
| Equity Instrument | Grant Structure | Vesting | Notes |
|---|---|---|---|
| RSUs | 75% of annual equity ($200,000 target value for non-management directors) | Earlier of 1 year or prior to next AGM | Settlement deferred per election options |
| Stock Options | 25% of annual equity | Fully vested at grant | Exercise price at grant close; Black-Scholes used for fair value |
Director annual compensation realized (Lassiter):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned (Cash) | $0 | $0 |
| Stock Awards (RSUs, fair value) | $270,853 | $254,231 |
| Option Awards (fair value) | $59,275 | $57,412 |
| Total | $330,128 | $311,642 |
Note: Lassiter elected to defer 100% of his annual retainer into RSUs in both 2023 and 2024 .
Other Directorships & Interlocks
| Company | Role | Overlap Risk |
|---|---|---|
| Quest Diagnostics | Director | No disclosed FTV transactions with Quest Diagnostics |
| CommonSpirit Health | CEO | FTV subsidiaries sold ~$6M (2023) and ~$9M (2024) to CommonSpirit; transactions conducted at arm’s length; each <0.2% of Fortive and counterparty revenues |
Related party review governed by Fortive’s Related Person Transactions Policy and overseen by the Nominating & Governance Committee; ongoing transactions reviewed annually .
Expertise & Qualifications
- Healthcare services leadership; operational execution and innovation .
- Corporate governance, ESG, human capital management, and finance experience .
- Public company board experience and prior regulatory exposure (Federal Reserve Bank of Chicago) .
Equity Ownership
| Holder | Beneficial Shares (as of Apr 7, 2025) | % of Shares Outstanding |
|---|---|---|
| Wright Lassiter III | 14,995 | <1% |
Outstanding director equity (as of Dec 31, 2024):
| Equity | Count |
|---|---|
| Unvested RSUs | 3,485 |
| Stock Options (fully vested) | 10,730 |
Ownership alignment policies:
- Directors must beneficially own ≥5x annual retainer within five years; RSUs count, options do not .
- Absolute prohibition on pledging and hedging of Fortive stock by directors and officers .
Insider Trades
We attempted to retrieve Form 4 filings for “Wright Lassiter” at FTV for 2024–2025 using the insider-trades skill; data could not be retrieved due to an authorization error. No Form 4 transactions can be summarized at this time.
Governance Assessment
- Board effectiveness: Lassiter contributes deep healthcare operations expertise and serves on the Compensation Committee, which oversees exec pay, human capital, clawbacks, stock ownership compliance, and shareholder engagement; the Committee uses independent consultant Pearl Meyer (no conflicts) .
- Independence and attendance: Independent status affirmed; attendance threshold met; supports investor confidence .
- Director pay structure: Balanced cash/equity program, with equity vesting discipline and deferral options; no meeting fees; conservative governance (no hedging/pledging) .
- Shareholder signals: 2024 say‑on‑pay support was 92.06%, indicating broad approval of compensation governance .
- Potential conflicts: Transactions with CommonSpirit are disclosed, arm’s‑length, small relative to revenues (<0.2%) and overseen under Fortive’s related‑party policy—mitigating conflict risk; nonetheless, status as CEO of a customer merits continued monitoring of recusal practices on any related matters (policy oversight in place) .
RED FLAGS to monitor
- Related‑party exposure via CommonSpirit (ensure committee oversight and recusal rigor continues) .
- Multiple external commitments (CEO role + AHA chair + Quest board) may create time demands; current attendance disclosure indicates minimum standard met .