Struggling Tower Health Parts Ways with CEO
Tower Health – which owns Brandywine, Jennersville, and Phoenixville hospitals – has parted ways with CEO Clint Matthews, writes John George for the Philadelphia Business Journal.
Matthews, who led the organization for the last decade, has retired, effective immediately. The struggling hospital system has named Sue Perrotty, a retired bank executive and Tower’s board member since July 2019, interim president and CEO.
“During Clint’s tenure, Tower Health has become a healthcare leader focused on improving the health of communities throughout the Reading and Greater Philadelphia region,” said Tom Work, chairman of Tower Health’s board. “The board thanks him for his service.”
The move comes nearly four months after the organization brought in an outside consultant to assist with developing a plan to improve its financial performance.
In fiscal 2020, Tower posted an operating deficit of $442 million. The COVID-19 outbreak was listed as the main reason for this decline, as it reduced revenue from elective surgeries and added expenses for personal protective equipment and staffing costs.
The organization’s downturn is also the result of the issues encountered by the five local hospitals, including the trio in Chester County, it acquired for $418 million in 2017.
Read more about Tower Health in the Philadelphia Business Journal here.
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