Daniel Morissette, CommonSpirit Health’s chief financial officer, will retire Oct. 31, the health system said in a Thursday securities filing.
Morissette has been with the organization for nearly a decade, serving both CommonSpirit and its predecessor organization, Dignity Health.
CommonSpirit’s board of trustees has begun a nationwide search for Morissette’s replacement. The nonprofit health system expects the search to conclude prior to the executive’s departure in October.
Prior to joining CommonSpirit, Morissette held positions at PriceWaterhouseCoopers, Chicago Medical School, The University of Toledo and Stanford Health Care, according to his LinkedIn Profile. He remains an advisor to LifePoint Health, according to his profile.
The new CFO will step into the role as CommonSpirit continues work to improve its operating performance. The health system reported a -2.5% operating margin for the three months ended March 31, an improvement over the same period the year prior, when the system posted a margin of -3.9%.
CommonSpirit is also eyeing headwinds on the horizon, including elevated labor and supply costs, and changes to Medicaid. Cuts to the safety-net insurance program are currently under consideration in Congress.
“We’re very concerned about Medicaid cuts,” Morissette said on CommonSpirit’s earnings call in May. “We, of course, have survived for many, many decades, and we’ll figure out a way to do it.”
