Joe Riley, CEO of Montgomery, Ala.-based Jackson Hospital & Clinic, and COO Michael James will step down Nov. 19 as part of the hospital's financial restructuring.
Ronald Dreskin, who was previously brought in to support the restructuring, has been named interim CEO, according to a Nov. 19 news release shared with Becker's.
Jackson Hospital defaulted on about $60 million in bond payments in September. In response, Allen Wilen, a partner with EisnerAmper Advisory Group, was appointed chief restructuring officer. Mr. Dreskin, partner in charge of EisnerAmper's healthcare services group, joined the leadership team alongside Mr. Wilen at that time.
"A restructuring-focused interim CEO, working alongside the chief restructuring officer, will provide strategic oversight and clarity of vision to quickly execute a turnaround while enabling other senior leaders to focus on the hospital's day-to-day management," retired Brig. Gen. Edward Crowell, chair of the hospital's board, said in the release.
At Eisner, Mr. Dreskin leads a team assisting clients with operational and financial management.
Jackson Hospital & Clinic remains open, Mr. Crowell said in the release. Next steps in the restructuring process include transferring operations of the Hospice of Montgomery service to a hospice care organization and selling the Jackson Wellness Center to a fitness organization.