The CEO of CommonSpirit Health announced Tuesday he will retire in summer 2022.
Lloyd Dean has been the sole CEO of the 140-hospital system since summer 2020, after his former co-CEO Kevin Lofton retired just over a year after the system was formed. Prior to the merger, Dean was CEO of Dignity Health, while Lofton was CEO of Catholic Health Initiatives.
Now, Dean told Modern Healthcare the not-for-profit health system has hit the fiscal and operational milestones he wanted to achieve before announcing his departure.
The board of Chicago-based CommonSpirit has begun the process of choosing Dean's successor. Dean, 71, said the board had been aware of his plan to step down and be replaced by a long-term CEO.
Although CommonSpirit struggled financially during its first few years as a health system, Dean noted that the year ended June 30, 2021, was its strongest yet. CommonSpirit recorded $998 million in operating income on more than $33 billion in revenue in its fiscal 2021, a 3% margin. Dean also said the Catholic system is halfway toward its four-year, $2 billion cost savings goal.
Read more about what Dean had to say about his retirement in an interview with Modern Healthcare here.