Boca Raton (Fla.) Regional Hospital President and CEO Jerry Fedele, who previously announced plans to retire in August, will stay on as chief of the 400-bed hospital for another year, according to the Delray Newspaper.
Thomas Chakurda, vice president of marketing and communications at Boca Raton Regional, confirmed Mr. Fedele's decision to postpone his retirement until August 2019.
"The board believes it would be highly beneficial for Jerry to be in place during the transition to a strategic partner," he told the publication.
The hospital is currently in the midst of selecting a strategic partner, and narrowed the list of potential affiliates to five hospitals and healthcare systems in March. Potential affiliates include Cleveland Clinic, Baptist Health South Florida in Coral Gables and Orlando (Fla.) Health, among others.
Boca Raton Regional officials also noted Mr. Fedele was instrumental in turning around the hospital's financial performance upon his arrival in 2008. At the time, he was part of a consulting team tasked with improving the facility's performance that was "hemorrhaging millions of dollars each year," according to the Delray Newspaper.