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Name: Saurabh Tripathi
Previous title: Managing Partner, ST Ventures & Investments
New title: Executive Vice President and Chief Financial Officer, Ascension
![CFO of Ascension](https://www.healthcaredive.com/imgproxy/gzqJRVcRmrXxIv8Ls3QTQaWmwdCXpryaC-sbyirt5-M/g:ce/rs:fill:600:600:0/bG9jYWw6Ly8vZGl2ZWltYWdlL3NhdXJhYmgtdHJpcGF0aGktNjAwbmV3cy5qcGc.webp)
Courtesy of Ascension
Tripathi assumed the role of CFO of Ascension starting Monday, according to the St. Louis-based health system.
Tripathi most recently he was managing partner of ST Ventures & Investments, which provides seed capital and advice to early-stage startups, according to his LinkedIn. Tripathi was previously CFO at Highmark Health and Fresenius Kidney Care and held a financial leadership role at GE Healthcare.
The executive replaces Liz Foshage, who will remain co-chief financial officer until September, according to the announcement.
Tripathi takes the helm of Ascension's financial operations as the organization looks to rebound from a difficult 2023. recorded a net loss of $2.7 billion during this exercise. Following this report, rating agency Fitch Ratings lowered Ascension's long-term outlook by stable to negativequoting “nremarkable total operational losses.
The system began to recover in fiscal 2024, reporting $231 million in operating income in its quarter ended Dec. 31, as patient numbers improved and spending growth slowed.
In March, the system announced two offers: outsourcing its hospital staff based in Illinois And sale of three hospitals based in Michigan. Although terms of the deal were not disclosed, the sale could give Ascension a cash injection after posting losses.