ProMedica names interim CFO, promotes COO in leadership shakeup

ProMedica has named an interim CFO and promoted its COO to president as part of executive leadership changes at the Toledo, Ohio-based health system.

Louis Robichaux IV was appointed interim CFO, effective May 25, according to a news release shared with Becker's.

Mr. Robichaux has an array of healthcare experience, including providing operational turnaround, restructuring, interim management and financial advisory services, according to the release.

Most recently, Mr. Robichaux served as senior managing director at consulting firm Ankura. Before that, he was a principal in Deloitte's financial advisory services practice.

In his new role, Mr. Robichaux replaces Steve Cavanaugh, who was appointed CFO in 2019 after leading Toledo-based HCR ManorCare, the post-acute and long-term care provider ProMedica acquired in 2018.

Tausha Moore, ProMedica's public relations director, said the health system would not provide or confirm additional details about the leadership changes at ProMedica, including the date or circumstances of Mr. Cavanaugh's departure, out of respect and privacy for the individuals affected by them.

Mr. Robichaux is expected to serve at ProMedica for six months "as we navigate back to a strong balance sheet and manage through the ongoing financial challenges," health system leadership said in an internal memo cited by the Toledo Blade.

ProMedica also announced that Arturo Polizzi was promoted from COO to president. He will serve as president, in addition to his COO role.

Mr. Polizzi became COO of ProMedica in 2021 after helming the Christ Hospital Health Network in Cincinnati. 

"The title change reflects additional leadership responsibilities he has taken on within the organization," Ms. Moore told Becker's. "Mr. Polizzi will continue to report to Randy Oostra, who remains CEO of ProMedica. Together, they will lead ProMedica to help ensure that it is able to address the financial challenges that all health systems are facing."

The leadership changes come amid financial struggles at the health system.

In the three months ended March 31, the health system reported a $126 million operating loss, according to the Blade.

ProMedica also announced this month that its health plan, Paramount, is laying off about 200 employees after losing a Medicaid contract. Anthem acquired Paramount's Medicaid contract, and ProMedica said employees affected by the layoffs may have an opportunity to join Anthem or continue in a different capacity with ProMedica.

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