The CEO of Unitedhealth, Andrew Witty, renounces for personal reasons and the largest health insurer in the country suspended its financial perspective of the whole year due to the highest medical costs than expected.
President Stephen Hemsley will become CEO, with immediate effect, said the Minnesota company.
Hemsley was CEO of United Group from 2006 to 2017. He is still president of the company’s board. Witty will serve as Hemsley main advisor.
“Leading the people of Unitedhealth Group has been a great honor while working every day to improve the health system, and will continue to inspire me,” Witty said.
Witty joined the company in 2018 after serving about nine years as the CEO of the British drug manufacturer Glaxosmithkline. He He was appointed CEO from Unitedhealth In February 2021, replacing Dave Wichmann.
UnitedHealth became one of the country’s largest companies under Witty’s leadership. Total revenues exceeded $ 400 billion last year, an increase of 55% of the $ 257 billion of UnitedHealth brought in the year before Witty became CEO.
The actions of UnitedHealth shot higher under Witty, 60.5% more since it took the company’s main job.
However, in the last five months, this performance of the shares was reversed sharply, coinciding with the Fatal shot of the Brian Thompson company executive In front of a hotel in New York City at the end of last year.
The company has fought with attention in Luigi Mangionewho was accused last month for a federal murder position for murder of Thompson.
The case has captured the American imagination, triggering a resentment waterfall and Vitriol online Towards US health insurers while Rating corporate executives Concerned about security.
Unitedhealth cut Its prognosis of 2025 last month after its first quarterly fault of profits in more than a decade. Unitedhealth actions, which have collapsed 38% since the deadly December 4 of the ambush of Thompson In the center of Manhattan, it fell more than 8% before the opening bell on Tuesday.
UnitedHealth said Tuesday that he suspended his 2025 perspective since the medical costs of many beneficiaries of Medicare Advantage New To Unitedhealthcare were higher than expected.
More than 50 million people have health insurance under UnitedHealth Group Inc. also has a great pharmacy benefits manager who manages to cover prescription medications and a growing optum segment that provides attention and provides technical support.
UnitedHealthcare is the largest supplier of Medicare Advantage plans in the Nation, with more than 8 million customers. Those are private versions of the federal government’s coverage program, mainly for people 65 years of age or older.
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The health writer AP Tom Murphy contributed to this report.
