Milwaukee, WI (March 10, 2010) — Blaine J. O’Connell, chief financial officer for Froedtert & Community Health, will retire effective January 1, 2011, following a 30-year career in health care. O’Connell has served as senior vice president of finance and CFO since the inception of Froedtert & Community Health in 2001. He joined the organization in January 1993 as vice president and CFO of Froedtert Hospital.
"It’s been an honor to work with Blaine O’Connell during my 17-year tenure at Froedtert Hospital," said William D. Petasnick, president and CEO of Froedtert & Community Health. "In 1993, Froedtert had a net worth of $60 million and cash totaling only $20 million," continued Petasnick. "Under Blaine’s leadership, we developed and implemented a creative strategic financial plan and a capital development plan as a means of financing growth. Seventeen years later, Froedtert & Community Health is one of the most financially sound healthcare systems in Southeastern Wisconsin, with a portfolio worth more than half a billion dollars and a AA- bond rating achieved by less than 15 percent of hospitals in the country."
In 2006, O’Connell’s initiatives earned the Wisconsin Health and Educational Facilities Authority’s Award of Excellence for “excellence in utilizing the capital financing process.” Testimonials from his staff highlighted his recognition by Milwaukee’s Business Journal as a CFO of the Year – 2008.
During his tenure with Froedtert Hospital and Froedtert & Community Health, O’Connell was an integral player in many significant developments and partnerships which advanced the quality and breadth of health services:
- The purchase of the Doyne Hospital buildings from Milwaukee County in 1995, making Froedtert a full-service academic medical center.
- Continued growth and expansion of the physical plant at Froedtert and Community Memorial Hospitals and at community primary and specialty care clinics through the area.
- Development of partnerships with Community Memorial Hospital in 2001 and St. Joseph’s Hospital and the West Bend Clinic in 2008.
A Vietnam veteran, O’Connell served five years in leadership roles and received the bronze star for meritorious service. He and his wife, Patti, have two children and two grandchildren. A national search firm has been engaged to seek O’Connell’s replacement.