by Mindy Aguon

Guam - The Guam Memorial Hospital's chief financial officer, Siva Karuppan, has resigned from his position. Karuppan has been on board for a year discussing ways to improve revenues and cut costs at the island's only civilian hospital. GMH management confirms that Karuppan submitted his resignation letter, effective Monday.

His resignation comes several days before a scathing audit was released on the hospital's finances revealing the largest loss in over a decade a $28.7 million. The report noted that more than half of GMH's patient revenues came from Medicare, Medicaid and MIP. The hospital also stopped remitting the employer and employee shares of retirement contributions and also failed to pay employee income tax withholdings in the last fiscal year.

Although he is technically employed with the hospital for another 60 days, he's currently on personal leave.

Management only confirms that Karuppan resigned, citing personal reasons for his decision. The acting CFO is Jun Infante.