UnitedHealth's president David S. Wichmannon will become chief executive and board director of the insurer's parent company, UnitedHealth Group, on Sept. 1, succeeding Stephen J. Hemsley.
"This is the right time for this transition to take place, as the company is performing strongly and has a positive outlook for the foreseeable future, and Dave Wichmann is the right choice to succeed as CEO for that future," says Hemsley, 65, who will take the newly created role of executive chairman of the board on the same date.
The New York City-based parent also announced that its current board chairman, Richard Burke, will become lead independent director.
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Wichmann, 54, joined UnitedHealth, based in Minnetonka, Minnesota, in 1998. He served as chief financial officer from 2011 until mid-2016, has been president of UnitedHealth Group, and has overseen UnitedHealthcare, the company's benefits business, since 2014.
"He has been a major force in the company's successful innovation and diversification efforts," the company says. "Wichmann currently leads the company's activities in Brazil, among other global markets, experience essential for building out the 'third leg' of UnitedHealth Group's long-term growth strategy."
UnitedHealth Group has been on a roll lately, with rapidly growing business lines in Medicare Advantage and Optum health services, "which have helped UnitedHealth become a health care powerhouse largely created under Hemsley's leadership," according to Forbes.
"Hemsley leaves UnitedHealth on top of its industry," with revenues projected to top $200 billion," the Forbes piece states. "Though UnitedHealth was unable to make a successful run in the Obamacare business, the company's other operations related to the ACA have done well, such as managing Medicaid for states that expanded under the law."
Revenue in UnitedHealth's Medicare business jumped 17 percent, or $2.5 billion, to $16.7 billion in the second quarter.
"We are fortunate to have an exceptional organization, a deep and talented leadership team, and highly dedicated people," Wichmann says in the press release. "Health care will continue to change, but this is an enterprise built for change: innovative, adaptable and consumer-centric."
In a June presentation at an investor conference, Wichmann emphasized areas of growth for UnitedHealth that he said would play out over the next decade: pharmacy-benefit services, health-care technology, overseas expansion and health-care delivery through doctor practices and urgent-care clinics, among other venues, according to Fox Business.
"Analysts have long eyed Mr. Wichmann as the likely CEO-in-waiting, particularly after he assumed the president title in 2014," Fox Business writes.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
