ProMedica CEO Randy Oostra will retire Monday and be replaced by the Toledo-based health system’s president and chief operating officer, Arturo Polizzi.
Oostra, who has worked at the 12-hospital nonprofit system for 25 years, said he delayed his retirement until the pandemic was more under control.
Prior to taking on the chief operating officer role in 2020, Polizzi was the president and CEO of Christ Hospital Health Network in Cincinnati, Ohio.
“I’ve worked closely with Arturo for many years, and I’m confident he will be an exceptional CEO for ProMedica,” Oostra said in a news release. “We have been working on a transition plan for some time, and despite the challenges brought about by the pandemic, he is well prepared to continue moving the organization toward long-term financial stability and success.”
More than 80 hospital CEOs have retired this year as of the end of September, a slight increase from the same time frame last year, according to search firm Challenger, Gray & Christmas.
ProMedica, which acquired post-acute provider HCR ManorCare in 2018 for $1.4 billion, recorded a $136 million operating loss on $6.93 billion of revenue in 2021, compared with $51.2 million in operating income on $6.86 billion of revenue 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 relief grants in 2021 and 2020.