The new chief executive in charge of the Royal Cornwall Hospitals Trust has taken up his post.
John Watkinson, former chief executive of Bromley NHS Trust, has replaced Brian Milstead who resigned in June over the trust's £31m debt.
Two non-executive trust members also stepped down last year amid criticism of the deficit.
Mr Watkinson will oversee proposals under review for cutting the trust's predicted overspend.
In September, an independent auditor said he found a lack of proper budget management and control at the trust.
His report backed up the findings of accountants Price Waterhouse Coopers, which said the deficit had been made worse by the board and managers.
A Turnaround Plan put forward by the trust includes cutting about 300 jobs and setting up a management panel to identify further cost-saving measures.
About 27,000 people turned out in protest against the plans.