Name: David Banks
Previous title: Group CEO for primary health and multi-state divisions, AdventHealth
New title: CEO and president, AdventHealth
Courtesy of AdventHealth
Banks stepped into the role of CEO and president on Thursday, replacing Terry Shaw, who announced plans to retire in December.
He’s taking the reins at the Florida-based health system ahead of schedule. In December, Shaw said he planned to step down from his post in July. The outgoing CEO will remain on the board of directors as planned, an AdventHealth spokesperson confirmed.
Banks has been with the health system for more than three decades, according to Thursday’s press release on his appointment. He has held leadership roles across the system including as CEO for the primary health division and multi-state division of AdventHealth, where he oversaw 22 campuses across eight states, as well as three regional partnerships.
The executive also served as AdventHealth’s chief strategy officer, where he helped develop Vision 2030, the health system’s ongoing 10-year business plan.
Banks assumes the post as AdventHealth is expanding.
AdventHealth operates more than 2,000 care sites, including 55 hospitals, and employs approximately 100,000 people. The system took in $2.3 billion in operating income last year, compared with $1 billion in 2023.
Last month, the system finalized its purchase of ShorePoint Health from Community Health Systems for $260 million. The deal extends AdventHealth’s grip on the Florida market, where it is a dominant player.
AdventHealth’s Florida hospitals generated nearly 80% of the provider’s revenue in 2023 and the health system held approximately 43% of the Central Florida market as of May, according to the most recent financial analysis from credit rating agency Fitch Ratings.
In January, Shaw told investors at the J.P. Morgan Healthcare Conference that AdventHealth aimed to be a $32 billion system in annual operating revenue by 2030, driven in part by growth in Florida.
The executive outlined a plan for expansion that included investing in primary care and outpatient networks, as well completing acquisitions similar to the ShorePoint deal. Shaw said AdventHealth expected to invest about $8 billion into Florida between 2025 and 2030.
