May 6 - Archdiocese and Caritas Announce Completed Stewardship Agreement*
Archdiocese and Caritas Announce Completed Stewardship Agreement
Braintree, MA – The Archdiocese of Boston and Caritas Christi Health Care announced today that they have executed a Stewardship Agreement that ensures the Catholic identity of the Caritas Christi hospitals, pending the approval of the transaction transferring the system to Steward Healthcare System LLC (“Steward”), a newly formed affiliate of Cerberus Capital Management, L.P.
“We are pleased to announce the completion of a Stewardship Agreement that memorializes Steward’s commitment to maintain the Catholic identity of the Caritas Christi Health Care system and its fidelity to the mission of the Church’s healthcare ministry,” said Cardinal Seán O’Malley. “The transaction with Steward will provide the system much needed capital for its infrastructure, programs, and pension funds while continuing to provide high quality healthcare in accord with the Ethical and Religious Directives for Catholic Health Care Services adopted by the United States Conference of Catholic Bishops (the “Ethical and Religious Directives”).”
“In our search for capital, we were committed to finding a partner that valued our Catholic tradition. Cerberus Capital Management has committed to preserving the Catholic tradition of Caritas Christi Health Care and this agreement solidifies that commitment. We are grateful that the RCAB and Caritas will continue to work together to fulfill our mission,” said Ralph de la Torre, MD, Chief Executive Officer of Caritas Christi Health Care.
“I wish to express my appreciation to Dr. Ralph de la Torre and his leadership team for their commitment to working with the Archdiocese to achieve a Stewardship Agreement for these hospitals,” said Cardinal Seán. “I am grateful that we have reached a meaningful agreement that allows us to continue to serve those in need while never losing sight of the moral and religious teachings handed down to us by Christ.”
About the Archdiocese of Boston: The Diocese of Boston was founded on April 8, 1808 and was elevated to Archdiocese in 1875. Currently serving the needs of nearly 2 million Catholics, the Archdiocese of Boston is an ethnically diverse and spiritually enriching faith community consisting of 291 parishes, across 144 communities, educating approximately 46,000 students in its Catholic schools and 156,000 in religious education classes each year, ministering to the needs of 200,000 individuals through its pastoral and social service outreach and in support of a health care ministry that meets the needs of some 1 million patients each year. Mass is celebrated in nearly twenty different languages each week. For more information, please visit www.BostonCatholic.org.
About Caritas Christi Health Care
With over 13,000 employees serving over 600,000 patients annually in 85 communities, Caritas Christi is the largest community-based health care system in New England and the 10th largest employer in Massachusetts. Hospitals in the system include Saint Anne’s in Fall River, Holy Family Hospital in Methuen, St. Elizabeth’s Medical Center in Brighton, Norwood Hospital in Norwood, Carney Hospital in Dorchester, and Good Samaritan Medical Center in Brockton. Further information is available at www.CaritasChristi.org.