Longtime Sutter Health CFO Announces Retirement; 30-Year Finance Leader Named as Successor
SACRAMENTO, Calif., Aug. 8, 2014—Sutter Health Chief Financial Officer Bob Reed will retire in January 2015 after 18 years of dedicated service and leadership to the not-for-profit network.
Jeff Sprague, Sutter’s senior vice president, financial operations, will succeed Reed as CFO.
“Bob is respected nationwide as one of our industry’s most talented financial leaders,” said Sutter Health President and CEO Pat Fry. “He is a model steward of Sutter Health’s financial resources and a champion of our not-for-profit mission. Bob always puts first the interests of our communities and our employees, which has helped build our long-term ability to deliver high-quality, accessible care.”
Reed oversees financial reporting, treasury, planning and analysis, managed care contracting and philanthropic development for Sutter Health’s network of care. He also helped develop Sutter’s strategy of reinvesting available resources into improving the health of local communities. With his guidance, Sutter Health established steady financial performance and earned some of the health care industry’s highest credit agency ratings. Strong credit ratings improve vital access to capital markets and help ensure attractive interest rates that help the network expand and grow health care services. Sutter Health has invested billions to improve facilities and install the latest patient safety technology and advanced medical equipment during Reed’s tenure as CFO. In fact, Sutter Health has one of the largest programs for hospital and care center construction, replacement and renovation in Northern California.
Reed was also among the champions of Sutter Health’s longtime practice of fully funding the Sutter Health Pension Plan—even during periods when other employers dealt with economic challenges and faced difficult choices about pension investments.
Succeeding Reed in January 2015, Sprague brings 30 years of experience to the CFO role, including 25 years spent in other Sutter Health finance leadership positions. Before assuming his current role last year, Sprague served for 12 years as the CFO for Sutter Health’s Sacramento Sierra Region. He also worked as vice president, financial planning & analysis for Sutter Health, and held CFO roles at various Sutter Health affiliates.
Sprague earned a master’s degree in business administration from University of Colorado in Boulder and a bachelor’s degree from Tufts University in Massachusetts.