David Samuel, senior vice president and chief financial officer of the West Penn Allegheny Health System in Pittsburgh since its formation in 1999, will retire on March 31, 2008.
Samuel, 50, is the second senior executive who has departed in recent months following a $750 million bond refinancing in June. The deal is considered the largest speculative healthcare financing ever and the fifth-largest overall in municipal bonds. Samuel said in a news release that he had been considering retirement for some time and previously announced his intention to leave in September 2003. He decided to stay to assist Jerry Fedele, the former president and chief executive officer, and his senior team in what I thought was a very important time in its development, he said in the release. Fedele subsequently resigned in July, reportedly because of unresolved differences with the West Penn Allegheny board over strategic direction.
Samuel was credited with shepherding a $100 million turnaround of the system, which was formed from the remains of the bankrupt Allegheny Health, Education and Research Foundation. He joined the Western Pennsylvania Hospital in 1987. Dawn Javersack, CFO at Allegheny General Hospital, is expected to assume Samuels position on an interim basis, officials said. -- by Cinda Becker
What do you think? Post a comment on this article and share your opinion with other readers. Submit your letter to Modern Healthcare Online at [email protected]. Please be sure to include your hometown and state, along with your organization and title.