Allina Health announces departure of longtime chief financial officer

MINNEAPOLIS (Jan. 18, 2024) — It is with immense gratitude that Allina Health announces Ric Magnuson, Chief Financial Officer, has decided to leave the organization in April.  
  
Magnuson began his health care career as a bedside nursing assistant to help pay for college. He pivoted toward finance and was hired in 1987 as a cost report specialist at Abbott Northwestern Hospital when it was still an independent hospital. Magnuson spent the next 17 years working in various roles and locations throughout the organization and saw many significant milestones, including the formation of Allina Health. In 2016, he returned to Allina Health to assume the chief financial officer role. 

“It is impossible to capture 25 years’ worth of cumulative contributions that define Ric’s tremendous career at Allina Health,” said Lisa Shannon, Allina Health President and CEO. “Ric has chartered a financial course for Allina Health that has allowed us to lead in areas like strategic investments to broaden our impact and diversify our revenue, impact investing to live our values and benefit our local communities and payer relationship transformation to support our Population Health strategy.”

Magnuson was named Notable Chief Financial Officer in 2022 by Twin Cities Business Magazine and CFO of the Year in 2019 by the Minneapolis St. Paul Business Journal. 

“After a long and rewarding career at Allina Health, I am ready to write the next chapter in my life. I am very confident in Allina’s strategic direction and improving performance, which makes it a good time to move forward with this planned transition,” said Ric Magnuson, Allina Health Chief Financial Officer. “I’m immensely honored and proud to have worked with all the teams devoted to Allina Health’s mission of providing exceptional care, especially during these past few years where nonprofit health systems have been resilient beyond measure. It is nothing short of inspiring to see employees who remain resolute in their commitment to ensuring we can provide quality care for years to come,” concluded Magnuson.   

Allina Health has launched a national search for the CFO role and will appoint an interim CFO to assist with Magnuson’s transition.