Penney has turned around the sinking ship that was Heywood Healthcare and today, the once-floundering system is breathing a sigh of relief.
For nearly the past year and a half, Penney has been leading Heywood through its Chapter 11 bankruptcy, which was initiated mere months after she assumed her executive roles in summer 2023 after the sudden ousting of the system’s previous CEO. In September, Heywood announced its stand-alone exit from bankruptcy with Penney reporting the system had successfully restructured its debt and out-of-market contracts, which included $31.3 million owed to its top 20 creditors.
In the midst of its bankruptcy proceedings, Penney helped negotiate new contracts with the healthcare system’s nurses represented by the Massachusetts Nurses Association labor union after long-standing friction regarding staffing levels and dormant wages. In February 2024, Heywood agreed to increase its wages by 7-8% through September of this year. At the time, there were 264 MNA nurses working within the system.
Outside the hospital walls, Penney works to oversee the health of both the region and the state overall, serving on the boards of directors of the United Way of North Central Massachusetts and the Massachusetts Health & Hospital Association.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
