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August 19, 2014 01:00 AM

Summa CEO Strauss to retire

Bob Herman
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    Strauss

    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

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        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
    • Data Center
      • Data Center Home
      • Hospital Financials
      • Staffing & Compensation
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      • Mergers & Acquisitions
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