NEW: Lifespan CEO George Vecchione to Leave at End of 2012

Lifespan announced today that George Vecchione, 65, the hospital system’s president and CEO since 1998, has extended his contract through December 31, 2012. Vecchione’s tenure will be marked by a significant financial turnaround for the system, the addition of 2,000 full-time employees, and major investments in programs, technology and capital improvements. The organization, which is the state’s largest private employer, will embark on a national search for Vecchione’s successor.

 

 

“George has done an exemplary job leading Lifespan for the last 13 years. His leadership and vision helped turn around the organization to make it one of the leading health care systems in the nation,” said Alfred J. Verrecchia, chairman of the Lifespan board of directors. “In my role on the Lifespan board, I’ve been fortunate to work with George first hand and see the changes he has brought about to better health care delivery throughout Lifespan and in Rhode Island. His leadership will be missed.”

 

Vecchione joined Lifespan in September 1998 after serving as the executive vice president of The New York Presbyterian Healthcare System, where he was instrumental in the merger of The New York Hospital with Presbyterian Hospital. His experience, coupled with his skill in catalyzing major financial turnarounds of hospitals, led to his selection as Lifespan’s president and CEO. When he leaves Lifespan at the end of next year, it will be after solidifying and growing Lifespan’s financial health and making the Lifespan system a key economic driver in Rhode Island.

 

 

“It has been an honor to lead Lifespan for the past 13 years. Each day, I have come to work knowing that I’m working with people who have the highest commitment to providing the best care possible. In the next 14 months, I will continue to help Lifespan partners advance the care we provide to patients and make the organization a driving force in Rhode Island’s economy,” said Vecchione. “My goal has always been to create a financially stable organization that is positioned to make significant improvements in patient care and enhance clinical programs throughout Lifespan. I’m very proud of these efforts and their impact on making Lifespan the leading health care system in our region.”

 

When he joined Lifespan, the then 4-year-old health system faced extraordinary challenges, including a $50 million operating loss, delayed infrastructure investments, uncompetitive wage rates for employees and low employee morale. Vecchione led a vast turnaround of the system that saw significant net operating gains, including a high of $48.1 million in 2007. In fiscal year 2010, the system had a $30.9 net operating gain, the addition and enhancement of new and existing programs, more than $700 million invested in capital improvements, and a strong workforce that has grown to more than 12,000 employees.

 

Vecchione will continue to hold his position as president and CEO until December 31, 2012. During that time, Lifespan’s board of directors will launch a national search for a successor.

 

Vecchione, who resides in Warwick, holds a master’s degree in health care management systems from Rensselaer Polytechnic Institute in Troy, N.Y., an undergraduate degree in accounting from St. Francis College in Brooklyn, N.Y., and was awarded an honorary doctorate in Business Administration by Bryant University.

 

In Rhode Island, he was the first chairman of the Rhode Island Quality Institute and currently serves on its board, as well as on the boards of the Hospital Association of Rhode Island, The Providence Mutual Fire Insurance Company, Bryant University and the Rhode Island Public Expenditure Council.