Cleveland Clinic President and CEO Toby Cosgrove announced Monday morning his intentions to leave his role by the end of the year.

In a news release issued Monday, Cleveland Clinic said Cosgrove made the announcement at a staff meeting earlier in the morning. He'll begin a succession process to transition from his CEO role later this year. The Clinic's Governance Committee has asked Cosgrove to maintain an advisory role following his departure.

Cosgrove spent nearly 13 years as president of Cleveland Clinic, which is currently ranked the No. 2 hospital in the nation.

Cosgrove's successor will be selected by the Clinic's boards of directors and governors by the end of the year.