The Chief Executive of UnitedHealth Group, Andrew Witty, went out of his position for ‘personal reasons’, the company said on Tuesday in a statement.
The company has also deleted its financial prediction for this year because of higher than expected medical costs, and only said that it expected that the company “will return to growth in 2026”.
After the announcement on Tuesday, the Shares of UnitedHealth Group fell by more than 17 percent. Combined with a steep fall in April After the quarter of income did not come to expectations, the shares of the company lost almost half of its value last month.
Stephen Hemsley, the chairman of the company’s board of directors, who served Chief Executive from 2006 to 2017, will immediately follow Mr. Witty, the company said.
Mr. Witty, who became Chief Executive in 2021, led the UnitedHealth Group “during some of the most challenging times a company has ever had to deal with,” Mr Hemsley said in the explanation.
UnitedHealth Group recently confronted with unrest, including The murder at the end of last year from Brian Thompson, the Chief Executive of UnitedHealthcare, the health insurance policy of the group, as well as A cyber attack on his payment systems.
Mr. Thompson was shot and murdered in Midtown Manhattan on December 4. Luigi Mangione, 27, was arrested five days later in Altoona, Pa. Tim Noel, a long time employee of UnitedHealthcare, Followed Mr. Thompson on In January.
Mr. Mangione, who was not a customer of UnitedHealthcare and who did not owe the indictment for the murder, dismissed a statement when he was arrested who criticized what it called ‘corruption’ and ‘power games’ of health care.
Mr. Witty has been worried about healthcare in health care An opinion piece of the New York Times Shortly after killing Mr. Thompson.
“We know that the health system does not work as well as should, and we understand the frustrations of people with it,” written Mr. Witty. “Nobody would design a system like we have. And nobody did it. It is a patchwork that has been built for decades. Our mission is to help make it work better.”
UnitedHealth Group dominates almost every health care segment in the United States. In addition to the gigantic health insurer UnitedHealthCare, the activities of the company The subsidiary of Optum include, which supervises around 90,000 doctors and clinics, and is a major manager for utilizing pharmacy.
In November 2024, the Ministry of Justice and four Democratic state laws -general an antitrust submitted The lawsuit against the company to try to block its $ 3.3 billion deal to take over Amedisys, a large home health company.
Mr. Witty, before he came to UnitedHealth Group, was Chief Executive of the pharmaceutical company GlaxosmithKline. From 2013 to 2017 he was Chancellor of the University of Nottingham, his Alma Mater, in England.
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