ProMedica CEO Randy Oostra will retire on Monday and be replaced by the president and chief executive officer of the Toledo-based health system, Arturo Polizzi.
Oostra, who has worked at the 12-hospital nonprofit for 25 years, said he has delayed retirement until the pandemic is more under control.
Prior to assuming the role of chief executive officer in 2020, Polizzi was president and chief executive officer of the Christ Hospital Health Network in Cincinnati, Ohio.
“I have worked closely with Arturo for many years and I am confident that he will be an outstanding CEO of ProMedica,” Oostra said in a press release. “We have been working on a transformation plan for some time, and despite the challenges brought by the pandemic, he is well prepared to continue moving the organization towards long-term financial stability and success. long”.
More than 80 hospital executives had retired this year through the end of September, up slightly from the same time last year, according to search firm Challenger, Gray & Christmas.
ProMedica, which acquired post-acute provider HCR ManorCare in 2018 for $1.4 billion, recorded an operating loss of $136 million on revenue of $6.93 billion in 2021, compared with $51.2 million in operating income on revenue of $6.86 billion in 2020. ProMedica’s senior care unit recorded a $275 million operating loss last year.
The health system received nearly $419 million in COVID-19 funding in 2021 and 2020.
