ProMedica
In the wake of continued financial woes, Toledo, OH-based Promedica made significant changes to its executive leadership team on Monday.
Tausha Moore, the company’s director of public relations, told the McKnight’s Business Daily that ProMedica made the leadership changes “to better align our changing organization.”
“Like many other healthcare organizations, we have been negatively impacted by the rising costs of labor and supplies, along with other economic factors,” she said. “As a result, we are intensely focused on new initiatives to help ensure a stable and sustainable organization.”
In March, the company’s senior care division reported an operating loss of $93.1 million for the fourth quarter of 2021. That’s on top of additional losses for the division in 2020; in the fourth quarter of 2020 alone, the division lost $43.5 million. In March, the company reported that its senior care division had divested 21 locations as of Dec. 31; they collectively had lost $46 million.
Moore said the company will not provide additional details about organizational changes out of respect and privacy for those affected. Steve Cavanaugh, however, no longer is listed on the company’s website as ProMedica’s chief financial officer. Additionally, others who have had their employment terminated, a source told the Toledo Blade, are Matt Kang, CFO for the senior care division; Murry Mercier, chief information officer; and Jason Perry, vice president of corporate development.
Moore confirmed that Arturo Polizzi has been promoted from chief operating officer to president and chief operating officer at ProMedica.
“The title change reflects additional leadership responsibilities he has taken on within the organization,” she said. “Mr. Polizzi will continue to report to Randy Oostra, who remains CEO of ProMedica.”
Oostra also had held the title president of the company until this week’s leadership changes.
“We continue to be committed to delivering the best health and well-being care to the communities we serve,” Moore said.
