Providence CFO Greg Hoffman is stepping down after almost a decade at the nonprofit Catholic health system.
Hoffman will retire in June, Providence said last week. The executive joined Providence in 2016 as group vice president of financial planning and analysis before stepping into the C-suite as chief transformation officer in 2019, according to his LinkedIn. Hoffman was appointed executive vice president and CFO in 2021.
Renton, Washington-based Providence will begin conducting an internal and national search for its next finance chief, according to the system’s release.
Hoffman’s retirement comes as Providence makes progress on its financial turnaround plan, which the nonprofit initiated after struggling to turn an annual profit and grappling with challenges related to staffing, inflation and new state laws on charity care.
Last year, the health system, which operates 51 hospitals across seven states, restructured its executive team, froze nonclinical hiring and laid off hundreds of workers.
Those efforts have been paying off, Providence argues. The system posted $21 million in operating income in the third quarter, a more than $200 million improvement from the prior year period.
“Greg’s partnership and deep commitment to our Mission have helped put Providence on a positive trajectory and set us up for continued progress,” Providence CEO Erik Wexler said in a statement. “Though he will be deeply missed, he leaves our health system well positioned for the future.”
