sept 29, V7N - Ralph de la Torre, CEO and chairman of Steward Health Care, will step down on October 1, following a period of financial turmoil for the company and his recent contempt charge by the U.S. Senate. Steward, the largest privately owned hospital network in the U.S., filed for bankruptcy in May, citing $9 billion in debt and has since been selling off hospitals.
De la Torre, a former heart surgeon, was held in criminal contempt by the Senate for refusing to testify at a hearing regarding Steward’s financial decisions, particularly cost-cutting measures across its 31 hospitals. The Senate had subpoenaed him to attend a hearing on September 12 as part of an investigation by the Senate Committee on Health, Education, Labor, and Pensions.
A statement from de la Torre's spokesperson indicated that he had "amicably separated" from Steward and would continue advocating for better reimbursement rates for underserved patient populations. Steward's financial difficulties have particularly affected hospitals in Massachusetts, bringing attention to the state's healthcare system and its inequities.
Steward Health Care, based in Dallas, has been undergoing restructuring since its bankruptcy filing, continuing to sell hospitals in an effort to address its financial challenges.
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