Nearly 1,400 physicians, faculty, staff, trustees, and friends of the Mount Sinai Health System gathered on Thursday, May 2, to celebrate a year of clinical and scientific achievements at the 34th Annual Crystal Party, and to honor Peter W. May, a transformational leader, who had just stepped down as Chairman of the Mount Sinai Boards of Trustees after 17 years.
The festive celebration, held beneath an enormous, colorfully decorated tent in the Central Park Conservancy Garden, began with a tribute to Mr. May by three violinists from the New York Philharmonic who played several selections from West Side Story. Lead violinist Michelle Kim said the trio was honored to perform at a celebration for Mr. May, with whom they were acquainted through his service on the Board of Directors of the New York Philharmonic.
Peter W. May and Kenneth L. Davis, MD.
Indeed, Mr. May’s wide circle of friends and large philanthropic footprint were evident at the Crystal Party. But it was his strong business acumen that was most in need in 2002, when he became Chairman of Mount Sinai and a short time later tapped Kenneth L. Davis, MD, to serve as Dean and Chief Executive Officer. During that tumultuous time, Mr. May’s experience in turning around failing consumer and industrial businesses was put to the test at Mount Sinai, which had experienced a series of setbacks that left it in desperate financial shape. In fact, the early days of his tenure were so dramatic, Mr. May said in a recent interview, “We didn’t know if we would make payroll.”
As Chairman, he turned Mount Sinai around in less than three years. Rather than instituting layoffs and cutting costs in food services, housekeeping, and transport, as he was counseled to do by an outside consulting firm, he built and expanded Mount Sinai through fundraising, marketing, and recruitment, and creating a sense of teamwork. Looking back, he said recently, “My experience has always been that you don’t cut your way out of a problem, you build your way out of a problem.” Mr. May put a new management team in place and began to focus on rebuilding a great medical center by drawing the school and hospital closer together and concentrating resources in clinical and research specialties where Mount Sinai excelled.
View a timeline showcasing a Legacy of Growth and Excellence
Mr. May recently told an interviewer, “Mount Sinai has always seen its mission as being able to improve society.” That mission-driven ethos went back to the hospital’s earliest days in the 1850s, when Mount Sinai cared for all patients, regardless of their ability to pay. He said, “Even when we had two weeks’ payroll in the bank, we did not cut our charitable giving, and we continued to take care of everyone.”
In his opening remarks at the Crystal Party and in a video that was shown at the event, Dr. Davis said, “We would not have achieved what we achieved if Peter May had not been here. There would be no Crystal Party, no Mount Sinai, without Peter May and his leadership and guidance. Our partnership has lasted 17 years. There has never been a bump in the road. The Mount Sinai family will remember him for decades to come.”
Peter W. May, center, with, from left, Dennis S. Charney, MD, Anne and Joel Ehrenkranz Dean, Icahn School of Medicine at Mount Sinai, and President for Academic Affairs, Mount Sinai Health System; and David L. Reich, MD, President, The Mount Sinai Hospital and Mount Sinai Queens.
During the early days, as Mr. May rolled up his sleeves and devoted himself to recreating Mount Sinai and restoring its reputation as a venerable institution that served all patients who walked through its doors, he impressed those around him with his work ethic, his keen business judgment, and his generous spirit.
“He is an extraordinary man,” said Dr. Davis in an earlier interview, “one of the most wonderful human beings I’ve ever known. Health care is very complicated. Peter understood that knowledge about investing, or working on Wall Street, does not always transfer to a nonprofit institution where innovation, research accomplishments, education, and saving lives are a priority. Peter trusted the management team. He was supportive. He was always there. Under his Chairmanship, Mount Sinai grew multifold. We grew faster in size and stature than we ever did in the 160-year history of our institution.”
See photos from the 34th Annual Crystal Party in Central Park honoring Peter W. May
Dennis S. Charney, MD, Anne and Joel Ehrenkranz Dean, Icahn School of Medicine at Mount Sinai, and President for Academic Affairs, Mount Sinai Health System, was among the Mount Sinai trustees, hospital presidents, department chairs, and other institutional leaders and staff who expressed their respect and gratitude and wished Mr. May well in the video that was shown at the Crystal Party.
“We will miss your inspirational leadership and wisdom,” said Dr. Charney, who has credited Mr. May for recognizing the central role of the Icahn School of Medicine in elevating Mount Sinai to the ranks of the best health systems in the country. In an earlier interview, Dr. Charney said, “Peter enabled me to build a culture that was innovative and entrepreneurial, and I know that stems from his own successful business career.”
When the video ended, Mr. May walked to the podium to speak and was greeted with a standing ovation. “I have been blessed with a number of incredible partnerships,” Mr. May told the crowd, citing his 55-year marriage to his wife, Leni May, his beloved children and grandchildren, and his 46-year business partnership with Nelson Peltz. “Mount Sinai is the other part that has really enriched my life.”
He highlighted Mount Sinai’s success as the largest health care system in New York City and the Icahn School of Medicine at Mount Sinai’s national standing as a top medical school and one of the most important research institutions in the world. Mr. May said he was pleased that Richard A. Friedman and James S. Tisch would be taking on the role of Co-Chairmen of the Boards of Trustees, as the size and complexity of Mount Sinai now warranted two people with immense experience. Handing over the reins marked a “bittersweet time,” he said, acknowledging that he knew the evening would be an emotional one. “I have loved every minute of my work at Mount Sinai.”
Violinists from the New York Philharmonic honored Peter W. May by performing music from West Side Story.