Name: Sun Park
Previous title: Executive vice president and group chief financial officer, pharmaceutical distribution and strategic global sourcing, AmerisourceBergen
New title: Chief financial officer, Tenet Healthcare
Park will serve as an EVP at Tenet from mid-July through the end of December, and will begin as CFO effective Jan. 1, 2024, the health system announced Friday.
Park will replace current CFO Dan Cancelmi, who announced plans to retire earlier this year.
At AmerisourceBergen, Park was responsible for commercial and operational finance for the drug distribution company’s global business units, representing over $240 billion in annual revenues. Before joining AmerisourceBergen in 2012, Park held leadership roles at several global biotechnology and pharmaceutical companies, including MedImmune, the global biologics division of AstraZeneca.
Park’s background in healthcare and corporate finance, in addition to the long lead time between his appointment and start date as CFO, indicate Tenet’s efforts to ensure a smooth leadership changeover, according to analysts.
“While he hasn’t held a role at a health system per se, we believe Park has the transferable skills from his previous experiences to fulfill the tasks of financial planning & analysis, accounting, SEC reporting, internal audit, tax, etc.,” Jefferies analyst Brian Tanquilut wrote in a note on Park’s appointment.
Tenet raised its financial forecast for 2023 after it reported $5 billion in revenue for the first quarter, beating Wall Street expectations. The chain has benefited from growth in its ambulatory unit, United Surgical Partners International, as more care is delivered in outpatient settings.
