Care New England CEO to step down in 2027 to become board chair

Care New England President and CEO Dr. Michael Wagner announced Friday that he plans to leave his post at the top of Rhode Island’s second-largest health system once his successor is selected and onboarded.

But Wagner is not entirely leaving the hospital system, which counts Butler Hospital, Kent Hospital, and Women & Infants Hospital among its holdings. Wagner said in a statement he plans to retire from his full-time C-suite role and chair the company’s board of directors.

For now, the board’s current chair, Gary Furtado, will stay on in his role as well through the end of his term, which concludes at the end of this year.

The leadership shuffle follows a rough patch for the system, which last month announced cuts to more than 30 leadership and nonclinical jobs against the backdrop of an estimated $20 million shortfall in its fiscal 2026 budget.

“The role of Board Chair is fundamentally different from that of CEO,” Wagner said in a statement Friday. “My focus will be on our mission, governance, healthcare policy, and supporting the success of the next leader of this organization.”

Wagner’s transition plan was unanimously approved Thursday at a meeting of Care New England’s board.

A national search for Wagner’s replacement will be conducted by a committee chaired by the board’s Vice Chair Steve Manty. A company press release Friday said it’s aiming to name the next president and CEO in early 2027.

Audited financial statements show Care New England reported $15.2 million in operating income in fiscal year 2024, but then recorded a $10.8 million operating loss in fiscal year 2025.

Wagner served as chief physician executive for Tufts Medicine before he succeeded James Fanale to become Care New England’s CEO in December 2022.

Care New England credited Wagner with overseeing the rollout of a unified Epic electronic medical record system across the network, a systemwide rebrand and, most recently, securing refinancing to support capital investment.

In May, real estate financing company Greystone provided Care New England with a $215.5 million loan, insured by the Federal Housing Administration, to refinance debt and fund hospital projects.

Wagner also presided over the network during the Butler Hospital strike of 2025, the longest hospital worker strike in state history, which lasted a little over three months.

In addition to its hospitals, the healthcare network also includes Care New England Medical Group, VNA Home Health & Hospice, The Providence Center, and Integra Community Care Network. Across its properties, the system has 749 licensed beds and 102 infant bassinets.