Hospital announces CEO resignation, CFO to take interim role

HUMC announces:

— CEO Spiros Hatiras Steps Aside; Chief Financial Officer Vincent Riccitelli to Assume Role —

HOBOKEN, NJ, July 15, 2011 — The Hoboken Municipal Hospital Authority (HMHA) announced today that
Spiros Hatiras has stepped down as Chief Executive Officer (CEO) of Hoboken
University Medical Center (HUMC) by mutual agreement with HMHA.     
HMHA thanks Mr. Hatiras and wishes him well in his future
endeavors.  He will be pursuing
other professional opportunities after he spends time with his father who is in
failing health.
Mr. Vincent Riccitelli, currently the acting Chief Financial
Officer at HUMC, has agreed to serve as acting CEO.  He will remain in this capacity until the sale of HUMC is
complete.  At that time, it is
anticipated that a new CEO will be named by HUMC Holdco.
“During this transitional period, Mr. Riccitelli will work
closely with Hoboken Mayor Dawn Zimmer, HMHA and me to help employees and
residents understand the importance of completing the sale to HUMC Holdco,
under common ownership of the principals of Bayonne Medical Center,”  says Toni Tomarazzo, HMHA
chairperson.  “We will continue to
engage these key constituents to ensure they understand that this change of
ownership is the only way to save the hospital.”
“We are close to completing the sale of our hospital to HUMC
Holdco,” adds Riccitelli.  
“This agreement will lead to long-term benefits for our staff and our
community.  Our new owner has
access to capital to attract and retain quality health care providers, finance
improvements, initiate new program development, acquire advanced technology,
and maintain the hospital as the life saving acute care unit that we and the
citizens of Hoboken deserve.  The
Mayor and HMHA have worked tirelessly to save our hospital and I’m honored to
be part of the team that will help complete the transaction.”

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