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Financial Leadership Transition at Wake Forest Baptist

WINSTON-SALEM, N.C. – March 13, 2014 – Wake Forest Baptist Medical Center today announced a leadership change in its finance department.

Executive Vice President and Chief Financial Officer (CFO), Edward G. Chadwick, M.B.A., has decided to leave the Medical Center at the conclusion of his five-year contract, effective June 30, so that he and his wife can relocate to the Midwest to be closer to their family. 

Chadwick joined the Medical Center in 2009 as the first CFO and has made very significant contributions to position the organization for long-term success. These include an important role in defining and implementing the Medical Center’s integration structure, redesigning the Medical Center’s treasury structure and implementing finance processes to support and expand the integrated organization.

To minimize disruption, Chadwick has offered to facilitate the transition to new leadership in the finance department and will continue to serve as executive vice president until his departure. He will focus on affiliation discussions and other strategic priorities to help position the organization for success in new models of value-based health care.  

“I want to thank Ed for his commitment and significant contributions to the organization during the past five years,” said John D. McConnell, M.D., chief executive officer, Wake Forest Baptist Medical Center. “He played an important and visionary role during a time of great transformation within the enterprise and his work positions us strongly for the future.”

C. Michael Rutherford, M.B.A., has been named as the new CFO at the Medical Center and joins the organization on March 17. Rutherford has more than 30 years of experience in financial and operational leadership within large academic medical centers and integrated health care systems. He brings expertise in strategic and financial planning, managed care contracting, physician alignment, revenue cycle, mergers and acquisitions, and growth and expansion initiatives. Rutherford will be responsible for all day-to-day operations of the Medical Center’s finance and treasury functions and will report to the CEO. 

He comes from The Ohio State University, Wexner Medical Center, where he previously served as CFO, directing all financial activity for the $2.7 billion-a-year enterprise, and as senior associate vice president, Office of Health Sciences, focusing most recently on payment transformation initiatives including capitation and bundled payments for the Ohio medical center. As CFO, he created a long-range financial plan for The OSU to model health reform scenarios and identify strategies necessary to adapt to the creation of health insurance exchanges, mandatory insurance coverage, expansion of Medicaid and increasing pricing transparency, resulting in a five-year expense reduction goal of $100 million per year. He successfully implemented Wexner’s Epic revenue cycle system, including registration, scheduling, billing and collections. Immediately prior to his work at The OSU, Rutherford served as system vice president and CFO at Summa Health System and as CFO at Sisters of Charity Health System in Ohio. He holds master’s and bachelor’s degrees in business administration from West Virginia University.

Rutherford and his wife, Debbie, have four children ranging in age from 19 to 30, and are relocating to Winston-Salem. 

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Last Updated: 05-23-2014
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