Trinity Health named Daniel Isacksen Jr. to replace retiring interim chief financial officer Cynthia Clemence.
Isacksen will take over the post of executive vice president and CFO in July.
He currently serves as an executive vice president and regional CFO from his base at Loyola Medicine in Maywood, Illinois, which is one of Trinity’s regional health ministries. He joined Loyola in 2013. Trinity acquired Loyola from Loyola University in 2011.
"Dan is a strategic-minded and results-driven financial leader with a successful track record," Michael Slubowski, Trinity’s president and chief executive officer, said in a statement. Those who have worked closely with him — operations, strategy and finance leaders and regional board members alike — have tremendous respect for him."
In his most recent position as executive vice president and regional CFO, his efforts contributed to a strategic and operational turnaround and stabilization for the health system, the statement said. He began his career at Deloitte & Touche LLP.
Clemence had taken on the CFO post on an interim basis in January 2020, delaying her retirement to steer the Livonia, Michigan-based system through the COVID-19 pandemic. Clemence joined Trinity 20 years ago and held various fiscal positions throughout the system’s expansion into one with a national footprint.
Trinity is a Catholic system and one of the largest not-for-profit health care systems in the country with 92 hospitals in 22 states and annual revenue of $18.8 billion. Trinity Health Credit Group carries a AA-minus rating from S&P and Fitch Ratings and an Aa3 from Moody’s Investors Service. Trinity has $8 billion of debt.
From a credit perspective, Trinity’s shedding of Mercy is viewed as beneficial to its balance sheet given the drain posed by operating losses and the need for a capital infusion. But pushback from local officials also posed reputational risks, S&P Global Ratings
