NORTHERN CALIF. — Sutter Health announced today that Jonathan Ma has been appointed as the organization’s Chief Financial Officer (CFO) following a national search. Ma has served as interim CFO since January 2025, leading a range of high-impact initiatives and reinforcing the organization’s long-term financial strategy.
“Jonathan is a respected and proven leader who brings a deep understanding of our financial operations, an unwavering commitment to our mission, and a clear vision for our future,” said Warner Thomas, president and CEO of Sutter Health. “His leadership during a period of meaningful financial milestones—combined with his ability to build trusted, high-performing teams—makes him the right person to lead our finance function as we continue advancing our work as a not-for-profit integrated system.”
During his time as interim CFO, Ma successfully led the finalization of Sutter Health’s annual budget, played a key role in representing the organization at the JP Morgan Healthcare Conference, and led three credit rating agency meetings that resulted in upgrades in April. He has also played a central role in strengthening the finance team and building leadership capacity across the function.
“It’s an honor to step into the CFO role at such a pivotal time for Sutter Health,” said Ma. “My priority is to ensure we remain financially strong and strategically positioned to expand access, invest in innovation and deliver on our commitment to improve health for the communities we serve.”
Prior to this role, Ma served as Sutter Health’s Vice President of Strategic Finance and Treasurer. His responsibilities included overseeing financial planning and forecasting, leading the organization’s 10-year Long Range Forecast, managing capital allocation for growth and routine investments, and overseeing a $16 billion investment portfolio. Ma also led the issuance of $3 billion in bonds to support systemwide growth and transformation initiatives.
He has been instrumental in several strategic ventures, including the acquisition of Sansum Clinic and his ongoing role as Chair of East Bay Real Estate Ventures, a joint partnership with Stanford Health Care to build a new cancer center in Oakland.
Before joining Sutter Health, Ma was an executive director at Morgan Stanley in New York, where he spent more than a decade advising healthcare clients—including Sutter Health—on complex transactions and financial strategy. He holds a degree in Economics from Stanford University.
