AdventHealth appoints veteran leader as new president and CEO

AdventHealth has selected a familiar face to serve as its new chief executive.

David Banks has been named the new president and CEO of AdventHealth.

The faith-based system said Thursday that it has appointed David Banks as AdventHealth’s new president and CEO. Banks has spent more than 30 years with the faith-based system. Based in Altamonte Springs, Florida, AdventHealth operates 55 hospitals in nine states.

Banks succeeds Terry Banks, who announced in December that he’s retiring. AdventHealth says Banks begins serving as the system’s top leader immediately.

AdventHealth boasts $17.9 billion in revenue and more than 100,000 employees. The health system manages more than 2,000 healthcare locations.

“It is an incredible honor to be asked to lead AdventHealth,” Banks said in a statement accompanying AdventHealth’s announcement. “Our culture supports and develops one another, and I wouldn’t be here without the support of many along the way, including the visionary leadership of Terry Shaw.”

"To help those we serve feel whole is a calling. As we continue our journey to become the preeminent, faith-based, consumer-focused clinical care company we envision, it's a privilege to answer the call, and I look forward to what we will accomplish together,” he said.

Banks has served most recently as the group CEO for the primary health division and multi-state division of AdventHealth, as he oversaw 22 campuses.

For the past eight years, Banks has also served as AdventHealth’s chief strategy officer, and he was responsible for the system’s 10-year business plans known as “Vision 2030.” He also previously held leadership roles in AdventHealth’s Central Florida division.

Gary Thurber, chairman of AdventHealth's board of directors, expressed confidence that Banks will ensure the continued success of the health system.

"David's unwavering dedication to and passion for AdventHealth's mission will provide strength and stability for the continued growth and prosperity of AdventHealth," Thurber said in a statement.

He added, “David's proven ability to drive innovation, transformation and operational excellence will serve AdventHealth well at this pivotal time."

Shaw led AdventHealth for more than eight years and spent 40 years with the organization. When he announced his plans to step down in December, Shaw said that he wanted to leave while the organization is “experiencing such positive momentum.”

“The time is right to clear the path and create the opportunity for the next generation of leaders to guide this extraordinary organization forward,” Shaw said in a video message to employees.

AdventHealth has enjoyed fairly strong financial performance, according to Fitch Ratings. In a May 2024 report, Fitch cited AdventHealth’s strength in its core Florida market and a good mix of payers.

Most of AdventHealth’s revenue comes from Florida, with the West Florida market being its fastest growing area, but the system could see success in other regions.

“AdventHealth's hospitals are generally located in areas with favorable demographics, particularly in Florida, Kansas, Colorado and Texas, with projected population growth in these markets ranging from 5% to 7% over the next five years,” Fitch said.

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