Fallon Health CFO departs, VP promoted to interim role

Todd Bailey, former CFO of Fallon Health

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After six years of serving as CFO of Fallon Health and an interim stint as CEO, the Worcester-based insurer’s veteran employee Todd Bailey is no longer in the role.

Before his departure, Bailey had previously served as the nonprofit health insurer’s interim president and CEO between January and July of 2024 in between leaders Richard Burke and Manny Lopes.

“Fallon Health remains focused on delivering high-quality care and advancing our mission to serve individuals with complex health care needs. As with any organization, leadership transitions are a natural part of growth and evolution. While we don’t comment on specific personnel matters, we want to acknowledge the dedication of those who have helped shape our work,” Melissa Randall, Fallon’s director, corporate communications, wrote in an email to WBJ.

Before his departure, Bailey had spent two decades with Fallon. He served in roles including vice president of senior care services and corporate controller before briefly leaving the provider in 2015 to become vice president and CFO at Health Plans, Inc.

He returned to Fallon in 2019, proving instrumental in supporting the system’s financial positioning and helping to lead Fallon’s choice to predominantly center government programs.

Fallon declined to comment on the reason for Bailey’s departure or when his last day was.

Bailey could not be reached for comment.

Anthony Consolmagno, Fallon’s vice president of financial planning and analysis, has succeeded Bailey on an interim basis. Consolmagno assumed his C-suite role on Friday, Randall said.

Consolmagno did not return WBJ’s request for comment and his LinkedIn post announcing his new position had been taken down as of Wednesday.

“We’re confident in the strength of our leadership moving forward. Anthony Consolmagno, who has been with Fallon Health for three years and who works closely with the senior leadership team and board of directors, is serving as interim chief financial officer. His deep institutional knowledge and exceptional leadership experience position him well to guide our financial strategy and support our continued growth. Together, we remain focused on the future and the communities we serve,” Randall said.

Fallon did not return WBJ’s inquiry as to the system’s plans for selecting Bailey’s permanent replacement.

With 127,844 Massachusetts members as of Dec. 31, 2024, Fallon Health is Massachusetts’ seventh largest health insurer when ranked by data collected by WBJ’s Research Department.

In 2023, Fallon generated $1.75 billion in revenue and had $7.6 million in assets, according to nonprofit financial tracker GuideStar.

Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.