Home Depot co-founder Ken Langone, the chair of NYU Langone’s board of trustees, and Robert I. Grossman, the CEO of NYU Langone Health, will both retire next year, the renowned hospital system announced Thursday.

It is immensely gratifying to know that we have transformed NYU Langone Health into an institution that is simply nonpareil, Grossman said in a message sent to NYU Langone staffers.

I take enormous pride in each and every one of your efforts that have enabled this achievement, added Grossman, who is also the dean of NYU Grossman School of Medicine.

Without you, it never would have been possible. But all good things must come to an end.

They will step down at the end of August 2025.

Fiona Duckenmiller will replace Langone, 88, as sole chair of the board of trustees after spending the last seven years as co-chair. She has been a member of NYU Langones board since 2006.  

NYU Langone will conduct a formal national search to find Grossmans successor as CEO, according to a spokesman.

Grossman, who served as CEO of the healthcare giant since 2007, and Langone oversaw a major expansion of NYU Langone, which now consists of six inpatient locations, the Perlmutter Cancer Center and more than 300 outpatient sites in New York and Florida.

The sprawling system also has two medical schools.

Under their leadership, NYU Langones revenue jumped from $2 billion in 2007 to more than $12 billion as of 2023, according to a release.

Last September, NYU Langone Health was awarded the Bernard A. Birnbaum, MD, Quality Leadership Award for superior patient care and the Ambulatory Quality and Accountability Award for excellence in outpatient care — establishing it as the top-ranked system in the country.

In July 2023, the Langone family gave a $200 million donation to make NYU Grossman Long Island School of Medicine tuition-free.

Best known for his early investment in Home Depot, Langone has a personal net worth of $8.8 billion, according to Forbes.