Toby Cosgrove

Heart surgeon named next CEO of Cleveland Clinic

Cleveland Clinic

Tomislav Mihaljevic will become the next CEO of the Cleveland Clinic, replacing longtime CEO Toby Cosgrove on Jan. 1. Mihaljevic is a heart surgeon and currently serves as CEO of Cleveland Clinic's hospital in Abu Dhabi. Cosgrove also is a heart surgeon and will move into an "advisory role," the system said.

Why it matters: Cleveland Clinic is one of the most influential not-for-profit health systems in the country. It is known for its flagship medical center and top-ranked doctors in Ohio. But the system has ballooned into a profitable enterprise under Cosgrove with $8.5 billion of annual revenue and global operations — and with questions about its status as a not-for-profit, charitable organization.

Reminder: Cosgrove was an adviser on President Trump's now-disbanded Strategic and Policy Forum.

Cosgrove stepping down as head of Cleveland Clinic

Mark Duncan / AP

The Cleveland Clinic announced today that Toby Cosgrove will step down as its president and CEO later this year after a 13-year tenure that saw the health system begin a worldwide expansion. He'll still be involved with Cleveland Clinic in an advisory role.

Who's next: Cleveland Clinic hopes to have a successor selected by the end of the year, noting that "in keeping with its model as a physician led-institution," the next president and CEO will also be a practicing physician.