Tenet Healthcare’s departing CEO Trevor Fetter will receive nearly $23 million in severance pay when he steps down as head of the Dallas-based hospital company next year.

Fetter announced his departure in August, shortly after two board members from the company’s largest investor abruptly quit, citing irreconcilable differences with the company.

The exits and a pending restructuring of the board highlight ongoing problems for Tenet, which has seen its stock price lag and its market cap drop by more than $4 billion since July 2015. Those issues worried analysts and drew criticism from union groups who questioned leadership’s pay.

Fetter's base annual salary was $1.27 million in 2015 and 2016, according to a document released to investors this spring. His total compensation, to include salary, stock options and other incentives was $12.3 million in 2016, a decline from $17.9 in 2014.

The Teamsters Union criticized Tenet's board in April for approving a new multimillion-dollar executive payment plan despite the company's losses and costly legal payouts. The shakeup at Tenet did not come as a surprise for many.

Tenet’s executive officers qualify for severance payments and other benefits if their employment is terminated without cause, or “for good reason,” the document noted.

The estimated aggregate amount of payments and benefits Fetter would collect after termination is listed as $22,949,921, which includes a cash severance and health benefits.

Fetter will step down from his roles as director and chief executive officer of Tenet by March 15 or when a successor is appointed.