PROVIDENCE, R.I. (WPRI) -- Rhode Island's largest hospital group has laid off an undisclosed number of executives, less than two weeks before the organization closes the books on its current fiscal year, Target 12 has confirmed. In a brief statement, Lifespan President and CEO John Fernandez said the not-for-profit corporation eliminated 20% of its executive positions, a move he estimated will save $6 million during the fiscal year that begins Oct. 1. "Lifespan implemented a strategic restructure focused on creating a one-system, one-team approach, designed to reduce executive overhead and streamline operations," Fernandez told Target 12. "Starting from the top like this allows us to allocate more resources directly to patient care and support areas." A spokesperson did not immediately respond to follow-up questions asking for a list of which executives had lost their jobs. Lifespan is Rhode Island's largest employer and the owner of Rhode Island Hospital as well as Miriam, Newport and Bradley hospitals. The cuts come at a time of significant change for Lifespan, which Fernandez has led since 2022, when he was hired from Mass Eye and Ear in Boston. The organization is preparing to rebrand itself as "Brown University Health," part of an expanded partnership with the school. The organization is currently in the process of finalizing its purchase of two Southeastern Massachusetts hospitals owned by bankrupt Steward Health Care, St. Anne's in Fall River and Morton in Taunton. That transaction is expected to close next month. The hospital group has also been working to turn around its finances. While Lifespan posted an operating profit of $71.5 million for the nine months ended June 30, one-time items including a federal settlement accounted for the entire profit, putting the hospital group's base operations in the red. Investment income is expected to help offset some of that red ink. Ted Nesi ([email protected]) is a Target 12 investigative reporter and 12 News politics/business editor. He co-hosts Newsmakers and writes Nesi's Notes on Saturdays. Connect with him on Twitter, Threads and Facebook.