Toby Cosgrove steps down as Cleveland Clinic President, CEO
CLEVELAND– Cleveland Clinic President and Chief Executive Officer Dr. Toby Cosgrove will step down from his position.
Cosgrove, who spent 13 years as president and CEO, made the announcement to transition out of the position at a staff meeting Monday morning. He will stay on in an advisory role, the Cleveland Clinic said.
“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 in a news release from the hospital system. “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.”
The Cleveland Clinic Board of Directors and Board of Governors will select his replacement. That’s expected by the end of this year.
“The goal of any leader is to leave an institution better than you found it. Without a doubt, Toby has done that,” said Cleveland Clinic Board of Directors chairman Bob Rich. “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.”
During Cosgrove’s time as president and CEO, the Cleveland Clinic’s revenue drew from $3.7 billion in 2004 to $8.5 billion in 2016. The hospital system is Ohio’s largest employer and was ranked No. 2 in the nation by U.S. News and World Report last year.
Cosgrove, a Vietnam veteran, was a cardiac surgeon for nearly 30 years. In January, he withdrew his name from consideration for Secretary of Veteran Affairs.