Summa Health CEO to Step Down Following General Catalyst Acquisition

In a significant development for the healthcare industry, Dr. Cliff Deveny, CEO and President of Summa Health, has announced his plans to step down from his position at the end of 2025. This transition comes on the heels of a landmark $515 million acquisition of the Ohio-based health system by General Catalyst's spinoff, the Health Assurance Transformation Company (HATCo).

Acquisition Details and Implications

General Catalyst's acquisition of Summa Health marks a historic moment in the healthcare sector, representing the first instance of a venture capital firm fully owning a health system. The deal, which transitioned the nonprofit Summa into a for-profit entity, was finalized on October 1, 2025, after a two-year approval process.

The acquisition faced heightened scrutiny due to concerns about the potential impact on care quality and pricing. To secure approval from Ohio regulators, General Catalyst agreed to several conditions, including:

• Raising the purchase price to $515 million
• Pledging to include local community members on Summa Health's board
• Committing to maintain previous levels of medical services and charity care

Ohio Attorney General David Yost ultimately approved the deal in June 2025, paving the way for its completion.

Financial Commitments and System Improvements

General Catalyst has made substantial financial commitments to Summa Health, aiming to enhance the system's operations and viability. These investments include:

• $15 million for community health initiatives
• $350 million for technology investments
• $200 million for strategic transformation projects

These financial injections are expected to address Summa Health's previous financial struggles, which included poor operating returns and high levels of long-term debt.

Leadership Transition and Future Outlook

Dr. Deveny's departure, scheduled for December 31, 2025, will usher in a new era for Summa Health. Beginning January 1, 2026, he will transition to a CEO emeritus and strategic advising role. Daryl Tol, president of HATCo, will serve as interim CEO while an executive search is conducted, a process expected to take several months.

In his email to staff, Dr. Deveny addressed potential concerns about the timing of his departure, stating, "I know that change can feel unsettling. But I want you to know this decision has been made thoughtfully, collaboratively, and with Summa's long-term success in mind. It's the right decision at the right time."

As the healthcare industry watches this unprecedented venture capital ownership of a health system unfold, the coming months will be crucial in determining the success of this new model and its potential impact on patient care, community health, and the broader healthcare landscape.