Thomas F. Frist, Jr. Biography

Thomas F. Frist, Jr. (born c. 1939) is an American businessman. He is a co-founded of the Hospital Corporation of America.

Biography

Early life

Thomas F. Frist, Jr. was born to Thomas F. Frist, Sr. in Nashville, Tennessee. He graduated from Vanderbilt University and received an MD from Washington University in St. Louis. He worked as a flight surgeon in the United States Air Force.

Hospital Corporation of America

In 1968, he co-founded the Hospital Corporation of America with his father, Thomas F. Frist, Sr., and Jack C. Massey. 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. He was Chairman and CEO until January 2001 and Chairman until January 2002. In 2006, he took private equity investments in Bain Capital, Kohlberg Kravis Roberts and Merrill Lynch for $21 billion. He holds the record for the biggest leveraged buyout of all time and biggest PE-led IPO of all time. In 2009, he stepped down from the Board of Directors and his son, Billy Frist, joined the Board. Frist was replaced as Chairman by Jack Bovender.

Further corporate roles

From 1984 to 1995, he served on the Board of Directors of IBM. He was the Chair of the Nashville Area Chamber of Commerce from 1999 to 2000. He is a member of The Business Council. In 2008, he co-founded the China Healthcare Corporation with Charles A. Elcan. They have business interests in Cixi City, China. He serves as President of Okeechobee Hospital Inc. and Galen Of Florida Inc.

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

Philanthropy

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

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

A Republican, he has supported George W. Bush and Rick Santorum.

Personal life

His brother is Bill Frist. He is married, and he has three children. His wife, Patricia C. Frist, sits on the Board of Directors of SunTrust Banks. Their daughter Patricia is married to investor Charles A. Elcan. He lives in a $18 million house in Belle Meade, Tennessee with his wife.

He is the richest person in Nashville, with an estimated wealth of $4 billion.