PROVIDENCE, R.I. (WPRI) -- The next time you visit Rhode Island Hospital, you may see a new name on the building. Rhode Island's largest hospital group, Lifespan, confirmed Wednesday that the organization will officially change its name to "Brown University Health" on Oct. 15, two weeks into its new fiscal year. Plans for the new name and logo were first announced earlier this year. "This is an ambitious, multiyear initiative aimed at a complete name transformation, with updated signage and branding elements on the horizon," Lifespan spokesperson Jessica Wharton told 12 News. The first phrase of the rebranding will include a new Brown Health website, updated employee email addresses, "and the unveiling of a Brown University Health banner at Rhode Island Hospital," she said. In addition to Rhode Island Hospital, Lifespan also owns Miriam, Newport and Bradley hospitals. The not-for-profit corporation is the state largest employer, with about 17,000 employees currently. The new name is one of many changes being made at Lifespan under CEO John Fernandez, who took over the top job in 2022. Last Friday, Fernandez laid off 20% of Lifespan's executives, a move he said would reduce overhead and save roughly $6 million over the next year. The system has been struggling for years to consistently post a healthy profit margin. Separately, Lifespan is finalizing its purchase of two hospitals in Southeastern Massachusetts owned by bankrupt Steward Health Care, St. Anne's in Fall River and Morton in Taunton. That transaction is expected to close next month. Brown President Christina Paxson announced back in June that the school would lend its name to the Lifespan system as part of an expanded partnership between the two institutions, though Brown won't be taking over the hospital group. Brown has also committed to invest $150 million in Lifespan over the next seven years. "Becoming Brown University Health raises our national profile and greatly enhances our ability to attract and retain world class physicians and expand our research and clinical training programs, allowing us to keep high-end specialty care and good-paying jobs in Rhode Island," Wharton said. "We are confident that these changes will strengthen our organization, benefitting our employees, patients, and the broader community," she added. 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.