There was no shortage of notable C-suite transitions in 2024.
From Rod Hochman, MD, retiring at the end of the year as president and CEO of Renton, Wash.-based Providence, to Peter Fine retiring in June as CEO of Phoenix-based Banner Health, healthcare leadership transitions require strategic preparation.
This year, seven healthcare executives shared their thoughts on succession planning with Becker's, highlighting the most effective strategies they have learned. Below is a sampling of those interviews throughout the past year:
1. A stable time: Jon Ness, CEO of Coeur d'Alene, Idaho-based Kootenai Health, retired in March. He spoke to Becker's about leaving the organization in the best possible condition. Once the system was in a stable financial position and free of labor shortages, he said he felt it was better prepared for a leadership transition.
2. Transitional periods: Mr. Fine told Becker's in May that after discussing the potential timing of his transition with board members, they agreed in 2021 that Banner Health should recruit a president who could be viewed as a potential successor. Amy Perry joined the system as president and COO in November 2021 and became president and CEO in July. Mr. Fine will serve as CEO emeritus through January.
To support the planning, a consultant was hired to work with the board to identify the qualities and traits needed in a successor.
3. Alignment and commitments: In September, three retiring CEOs shared their succession planning strategies with Becker's. They emphasized the importance of stakeholder alignment on the qualities needed in the next leader and a commitment to completing key projects already underway.
4. Successive leaders with key experience: In October, Andrew Buffenbarger, EdD, chief compliance officer of Kirby Medical Center in Piatt County, Ill., told Becker's the leadership team will evolve over the next two years due to retirements. Succession planning is underway and focuses on recruiting leaders with key experience for growth over the next decade, including community health, urgent care and outpatient surgery.
5. Successor collaboration with team members: Erik Wexler, who will succeed Dr. Hochman as Providence's CEO in January, told Becker's in November that the two communicate almost daily. Mr. Wexler also embarked on a comprehensive listening tour with more than 4,000 stakeholders, including front-line caregivers, board members and executives.