Care New England CEO Steps Down Amid Tumult Over Acquisition

By NTK Staff | 09.12.2017 @3:27pm
Care New England CEO Steps Down Amid Tumult Over Acquisition

Care New England President and CEO Dennis Keefe will step down at the end of the year.

Care New England President and CEO Dennis Keefe will step down at the end of this year, WPRI reports:

Care New England President and CEO Dennis Keefe announced Monday he will retire at the end of this year, as the company is working to consummate a merger with Partners HealthCare of Massachusetts.

Keefe’s resignation comes amid a pending merger with Partners that has hit bumps in the road, as Partners has questioned Care New England’s financial stability. Still, just weeks ago Keefe publicly said he was confident the merger would still go through.

“I remain confident we will be able to meet Partners’ expectations and perhaps exceed them,” Keefe wrote, while acknowledging he is “constrained in providing highly specific details.”

Keefe has lead Care New England during a tumultuous time for the company and healthcare in Rhode Island. The company is expected to lose $61 million this fiscal year, which ends September 30.

The company’s financial woes this year led to a downgrade in its credit rating. In response, executives at Partners announced they were holding off on their acquisition of the troubled company.

Sign Up

for NTK updates every week.