Summa Health System CEO Tom Strauss will retire by the end of this year, the Akron, Ohio-based system announced Tuesday.
Strauss, 61, has led Summa for 15 years. Summa's board is creating a CEO search committee to find Strauss' replacement.
During his tenure, Summa has grown into a four-hospital system with $1.4 billion in unrestricted revenue
. He oversaw the creation of NewHealth Collaborative, a clinician-led accountable care organization that is participating in Medicare's Shared Savings Program.
Summa has also undergone significant changes, which have included multiple rounds of layoffs and executive reorganization to maintain a positive operating margin. Last September, Summa agreed to a deal with Cincinnati-based Mercy Health—formerly Catholic Health Partners—in which Mercy grabbed a 30% stake of Summa and agreed to invest $250 million into the system. Mercy Health remains a minority owner and does not control Summa's day-to-day operations.
“Healthcare is undergoing seismic change,” Strauss, a pharmacist by training, said in a statement
. “But the one thing that has remained constant is our commitment to our patients. That is what I am most proud of. We became a premier healthcare system by never losing sight of that.”Follow Bob Herman on Twitter: @MHbherman