Copyright cleveland.com
CLEVELAND, Ohio — Just one month after Akron-based Summa Health was acquired by a for-profit company, its CEO announced he is stepping down. The move marks a significant leadership transition as the hospital system enters a new chapter under new ownership. Here are the 5 takeaways from the original article: 1. CEO to step down shortly after for-profit sale Summa Health CEO Dr. Cliff Deveny announced he will leave his role in the new year. The announcement came just one month after the hospital system’s $515 million sale to Health Assurance Transformation Co. (HATCo) was finalized. Deveny, who has been CEO since 2017, will transition to a new role as a strategic advisor and CEO emeritus. He’ll stay on in that new position through 2026. Daryl Tol, president of HATCo, will serve as the acting president and CEO until a permanent replacement is found. Deveny said he will be active in the search for his long-term successor, which is expected to take six to nine months. 2. The acquisition created Northeast Ohio’s only for-profit hospital system The leadership change follows the acquisition of Summa Health by HATCo, a for-profit business venture owned by venture capital firm General Catalyst. This sale transformed Summa into the only major for-profit hospital system in Northeast Ohio. HATCo said it initiated discussions about leadership changes shortly after the sale closed Oct. 1. 3. Community groups are critical of the for-profit model The sale and subsequent leadership change have drawn criticism from Summa is Not For Sale, a coalition of public interest groups in Summit County. The group expressed concern that the new for-profit structure will compel leadership to prioritize shareholder returns over patient care and staff well-being. A member of the coalition, Matthew Charlebois, stated that the new executive will “inevitably prioritiz[e] profit through increased workloads for staff and higher prices for patients,” arguing that Akron deserves a publicly owned hospital focused on community health. 4. The transition is framed as “succession planning” Both Deveny and interim CEO Daryl Tol described the change as part of “thoughtful succession planning” and a “natural transition.” Tol noted that the sale took longer to finalize than expected, which accelerated the timeline for contract discussions. Deveny, 65, will complete his current three-year contract, which runs until the end of 2025, before officially moving into his new role. Tol stated that it was unlikely Deveny would serve another full eight-year term, given the average tenure for health system CEOs is less than three years. 5. Deveny will maintain his salary but received no sale-related bonus As a condition of the Ohio attorney general’s approval of the sale, no individual was permitted to benefit financially from the transaction. Deveny said he did not receive a “golden parachute” or any bonuses connected to the sale or his new position. He will, however, continue to earn the same salary in his advisory role as he did as CEO. According to 2023 IRS records, his compensation, including base pay and benefits, was $1.8 million.
