CEO of embattled Grady Memorial Hospital resigns

ATLANTA (AP) The chairwoman of Grady Memorial Hospital's board of trustees is now the president and chief operating officer of the public hospital.

After less than a year on the job, Otis L. Story resigned the top position today. He was the hospital's fourth CEO since 2005 and is leaving as the hospital scrambles to recover from a financial crisis.

Pamela S. Stephenson, a state legislator representing Lithonia who has a law practice specializing in health care, will assume the role until a replacement is found.

As head of Grady, Stephenson will oversee the transition of the hospital's leadership structure to a nonprofit governing board. The current board of directors approved the switch at its board meeting yesterday. The move is expected to attract at least 200 million dollars from Atlanta's business community

Story was chosen as CEO in April after a yearlong search by the Grady board. Previously he worked for a Chicago consulting firm and has more than three decades of health care experience.

(Copyright 2008 by The Associated Press. All Rights Reserved.)