COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — Cardinal Health Inc.’s board has promoted CFO Jason Hollar to replace Mike Kaufmann as CEO, following a five-year term that brought record revenue while navigating multiple crises including opioid litigation and ongoing struggles in its medical supply division.

Dublin-based Cardinal (NYSE: CAH) also on Thursday reported a net operating loss of $596 million for the year that ended June 30 – and $932 million net loss – despite setting a new annual revenue record: a 12% increase to $181.4 billion. The loss was blamed on a non-cash accounting charge of $2.1 billion in the medical segment.

Hollar joined Ohio’s largest public company in May 2020 and helped focus the healthcare distributor on fast-growing business lines while strengthening the balance sheet, according to a release. He joins the board of directors as of Thursday, while Kaufmann departs as a director.

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