Thomas J. Aaron will still serve as a consultant to the company's management team.
Community Health Systems Inc. (CHS) announced that Chief Financial Officer (CFO) Thomas J. Aaron will retire at the end of 2019, according to a company filing with the Securities and Exchange Commission Thursday evening.
Kevin Hammons, who currently serves as CHS' Assistant CFO and Treasurer, will take over as CFO effective January 1, 2020.
Though Aaron is leaving his top finance role, he will still serve as a consultant to the company's management team on margin improvement efforts through 2021.
Related: Community Health Systems Slapped With Another Shareholder Suit
Aaron joined CHS in 2016 and became CFO in May 2017, where he oversaw efforts to refinance the company's debt and lead the hospital divestiture program in an effort to bolster its portfolio.
After years of deteriorating financial metrics, CHS produced improved balance sheets during the second half of 2019.
In its Q3 earnings report, the Franklin, Tennessee–based for-profit hospital operator reported a net loss of $17 million, a significant improvement compared to the $325 million loss in Q3 2018.
Related: CHS Slashes Net Loss by $308M Year-Over-Year
Wayne T. Smith, Chief Executive Officer of CHS, issued a press release thanking Aaron for his service to the company during a "transitional period" and efforts to "improve margins, increase efficiencies, and enhance the value of the organization."
Smith also touted Hammons as Aaron's successor, saying that he is "uniquely and highly qualified" to serve as CFO given his more than 20 years working in financial executive roles at CHS.
"I am confident Kevin will continue to lead and execute strategies that improve the Company’s financial performance and help position Community Health Systems for future success," Smith said in a statement.
Related: 'This is Not Just a Blip.' Community Health Systems CEO Touts Best Numbers Since 2015
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.