“We have amazing people and we know our strength comes from one another.”
Areas of Expertise
• Strategic Alternatives
• Revitalization Plans
• Transformational Planning
• Transactional Services
• Viability Review
Steven R. Korf is a Senior Managing Director of ToneyKorf Partners, LLC, which he co-founded in 2012. With more than 35 years of experience, Steve is a senior executive who focuses on interim and turnaround management for organizations.
Steve has served as senior management, including Chief Executive Officer, Chief Operating Officer, Chief Restructuring Officer, and Chief Financial Officer. He has also served as advisor to debtors and creditors of companies in identifying solutions to various complex operational and financial issues, frequently in crisis. Services provided have included evaluating business plans, negotiating capital structures, developing reorganization plans, and valuing business enterprises. Steve has also negotiated numerous acquisitions and divestitures and has consistently proven his ability to enhance profitability in both growth and turnaround environments. Steve is astute at building effective management teams to execute in a rapidly changing environment.
Most recently, Steve has been serving as the Transition Lead for New Bridge Medical Center (formerly known as Bergen Regional Medical Center), a 1,070-bed hospital owned by Bergen County in New Jersey, that outsourced management of the hospital to a third-party operator pursuant to a lease and operating agreement in 1998. In December 2016, in anticipation of the September 2017 expiration of the lease and operating agreement, Steve and his team were retained to provide operational, financial, and Information Technology oversight of the then current operator, as well as to provide due diligence for, and assist in, the Request for Proposal selection process to identify a new long-term operator. Once the new operator was selected, Steve and his team, in concert with the new operator, led the transition of operations to the new operator, which included, among other things, the onboarding of 2,100 employees and associated benefit plans, the evaluation and assumption of more than 1,000 vendor contracts, and the assumption of seven collective bargaining agreements. Since the transition, Steve and his team have been advising the new operator on the expansion of services at the facility as well as working with the County to review and assess other County healthcare assets.
Previously he served as President and Chief Executive Officer of Interfaith Medical Center, Chief Operating Officer of Brookdale University Hospital and Medical Center, and Chief Financial Officer of Saint Vincents Catholic Medical Centers of New York (“SVCMC”). Pursuant to its emergence from bankruptcy, Steve was appointed by the Bankruptcy Court as the Responsible Officer to oversee the operations of the post-effective date SVCMC. In that regard, he now serves as its President and Chief Executive Officer.
Before founding ToneyKorf, Steve was a Partner of Grant Thornton LLP, a Managing Director at Huron Consulting, and spent 20 years in private industry in various “C-level” positions.
He has worked with private equity firms, high net-worth family businesses, as well as publicly traded, privately held, and not-for-profit organizations.
Steve holds a B.S. in Accounting from the University of Albany. He is a Certified Public Accountant and a Certified Insolvency and Restructuring Advisor.
Get to Know Steve
Favorite quote: “Every new beginning comes from some other beginning’s end.”
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