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Cleveland Clinic CEO and president, Dr. Toby Cosgrove, to step down

by Thomas Dworetzky, Contributing Reporter | May 02, 2017
Business Affairs
Toby Cosgrove
Dr. Toby Cosgrove has announced his intention to step down as president and CEO of Cleveland Clinic, after helming the health care powerhouse for nearly 13 years.

He told a staff meeting that a succession process has begun. Plans call for him to leave the top executive spot later in 2017.

“The goal of any leader is to leave an institution better than you found it. Without a doubt, Toby has done that,” Cleveland Clinic board of directors chairman Bob Rich said in a statement. “Our world-class reputation has only grown over the past 13 years, as he has led Cleveland Clinic through a period of dramatic growth and worldwide expansion.”

Cosgrove had been put forward to be secretary of the U.S. Department of Veterans Affairs.

He turned down the offer in January.

"He was honored to have been considered for the position, however, at this time he has significant obligations here at Cleveland Clinic, and is committed to the work here," Clinic spokeswoman Eileen Sheil told Crain's Cleveland Business at the time.

"He took it very seriously," Sheil added. "He's a former Vietnam veteran. I know that request weighed heavily on him and was a very important decision that he did not take lightly."

During Cosgrove’s tenure the clinic has grown to an $8 billion health system with locations in Ohio, Florida, Nevada, Canada, Abu Dhabi and, in 2020, London.

Financially, revenues have risen from $3.7 billion in 2004 to $8.5 billion in 2016.

Its more than 50,000 health care professionals make it the largest employer in Ohio.

It was ranked No. 2 nationwide by U.S. News & World Report.

“It is an honor and a privilege to be a part of an extraordinary and forward-thinking organization that puts patients at the center of everything we do,” Cosgrove said. “Cleveland Clinic’s world-class reputation of clinical excellence, innovation, medical education and research was created and will be maintained by the truly dedicated caregivers who work tirelessly to provide the best care to our patients.”

His successor will be a practicing physician like Cosgrove, who was a cardiac surgeon for 30 years before taking the CEO job.

His replacement will be chosen by the clinic's board of directors and board of governors. Cosgrove has been asked to continue as an advisor to the clinic.

"I am delighted to do that, and I think it will provide a sense of continuity to the organization," he told Crain's when announcing his departure plans.

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