Peter Fine, longtime head of Phoenix-based Banner Health, will retire June 30.
He has led Banner Health since 2000 and overseen the company’s growth in Arizona and the West. The health system is Arizona’s largest employer and one of the largest nonprofit health systems in the country.
Fine will be succeeded by Amy Perry, current Banner Health president, who will become president and chief executive officer, the nonprofit’s board of director’s announced Tuesday.
Fine will resign from the Banner Health board and serve as CEO emeritus through January 2025, advising the board and Perry, the organization said.
“The Banner Board of Directors expresses its sincere gratitude to Peter for his iconic leadership over the last 24 years, and we are appreciative that we will continue to benefit from his wisdom in his role as CEO Emeritus,”Anne Mariucci, chair of the Banner board of directors, said in a statement.
Fine was the highest paid nonprofit hospital CEO in Arizona in 2021, according to IRS records. His total reported pay package that year was $12.4 million, a 10% increase from 2019, IRS records show. Banner officials said the amount includes $4.4 million in retirement pay that was accrued but not paid out.
Perry joined Banner as its president and chief operating officer in November 2021.
“Amy is the ideal leader who embodies Banner’s mission to make health care easier, so life can be better. She has crafted an exciting plan for Banner,” Mariucci said. “We are confident that Amy will propel Banner to further success with a technology-forward, people-centered approach to serve our patients, caregivers and diverse communities.”
Perry said, “I am honored and deeply grateful for the opportunity to lead this remarkable health system and outstanding team who sincerely care about advancing health for the communities we serve.
“Leaning into technology and innovation, Banner will define safety, trusted relationships, best-in-class care and affordable coverage.”
Fine said, “I look forward to continuing to work with Amy to ensure a smooth transition. It has been a pleasure over the last two years to partner with her and our team to realize our current success.”