Phased Transition for 40-year Veteran Stacey Malakoff
July 8, 2024 – After nearly 40 years of service to the world leader in musculoskeletal health, Hospital for Special Surgery Executive Vice President and Chief Financial and Administrative Officer Stacey Malakoff has announced that she will retire at the end of 2025 following a phased 18-month transition. Spencer Stuart will conduct a nationwide search, and Ms. Malakoff will support onboarding and a seamless transition to her successor.
With a degree in Business Administration from Washington University in St Louis, Ms. Malakoff was an auditor of the hospital on behalf of Ernst & Young before joining the HSS staff in 1990. She was promoted to the role of CFO in 1998 and in 2020 was appointed also Chief Administrative Officer. In her first year as an employee, HSS was unprofitable with $119.0 million in enterprise revenue and $4.1 million in unrestricted cash. She will leave the organization earning enterprise revenue of more than $2.2 billion, $1.1 billion in unrestricted cash, and a profit margin of more than 3%.
Over the years Ms. Malakoff has been named among Crain’s New York Magazine’s “40 under 40” and “Notable Women in NY Health Care” and among Becker’s Hospital Review’s “150 Hospital & Health System CFOs to Know”, “Top Women Leaders of Hospitals and Health Systems”, and “Academic Medical Center CFOs to Know”. She has also received City & State’s “Above and Beyond” award.
“It has been my great privilege and honor to work with esteemed doctors, clinicians, Board members, administrators and professionals in every position to help build HSS into what it is today,” said Ms. Malakoff. “I now look forward to ensuring that success is sustained through a phased transition to an outstanding successor.”
“Stacey was already a pillar of HSS when I arrived as a resident 28 years ago, and since then she has been a leader, mentor, partner and friend to many at HSS,” said HSS President, CEO and Surgeon-in-Chief Emeritus Bryan Kelly, MD, MBA. “The legacy of her exceptional ability and commitment to the institution is evident in its decades of growth, financial stability, and strong balance sheet.”
HSS is the world’s leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the 14th consecutive year), No. 2 in rheumatology by U.S. News & World Report (2023-2024), and the best pediatric orthopedic hospital in NY, NJ and CT by U.S. News & World Report “Best Children’s Hospitals” list (2023-2024). In a survey of medical professionals in more than 20 countries by Newsweek, HSS is ranked world #1 in orthopedics for a fourth consecutive year (2023). Founded in 1863, the Hospital has the lowest readmission rates in the nation for orthopedics, and among the lowest infection and complication rates. HSS was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center five consecutive times. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State, as well as in Florida. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. In addition, more than 200 HSS clinical investigators are working to improve patient outcomes through better ways to prevent, diagnose, and treat orthopedic, rheumatic and musculoskeletal diseases. The HSS Innovation Institute works to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is a trusted leader in advancing musculoskeletal knowledge and research for physicians, nurses, allied health professionals, academic trainees, and consumers in more than 165 countries. The institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.
