- Signs for push-out forces
- After almost four years on the job
- Eric Palmer taking over
(management-change.com) — Bloomfield, Connecticut, February 23, 2017 — Tom McCarthy, finance chief of Cigna, leaves. As announced by Cigna Corporation in a news release and in a regulatory filing published on Thursday, February 23, 2017, Thomas A. (Tom) McCarthy leaves the post as Chief Financial Officer at the health insurance service company in a surprising move after almost four years on the job, effective in the early summer of 2017.
McCarthy’s duties are taken over by Eric Palmer, most recently Chief Financial Officer for Cigna’s global health, Cigna-HealthSpring, employer-based health care, group and supplemental insurance businesses.
The move is part of a management shake-up.
“Thoughtful succession planning”
The management change is explained as follows. Cigna President and CEO David Cordani said: “These moves reflect thoughtful succession planning and bring leaders who represent Cigna’s best qualities to our enterprise leadership team, giving these seasoned executives the opportunity to contribute to our success story in new ways. It also serves as a testament to Cigna’s proven approach to leadership development and succession.”
Cigna said: “On February 22, 2017, Thomas A. McCarthy, Executive Vice President and Chief Financial Officer of Cigna Corporation …, notified the Company of his intention to retire from his position in the early summer of 2017.”
Precise information about the future plans of McCarthy was not immediately available.
Chaired by Isaiah Harris, Jr.
Cigna Corporation is chaired by Isaiah Harris, Jr.
Harris has served as Chairman of the Board since December 2009 and served as Vice-Chairman of the Board from July 2009 through December 2009.
CEO: David Cordani
David Cordani serves as CEO of Cigna Corporation. David Cordani became President and CEO of Cigna in 2009.
On the job as CFO since 2013
Thomas A. McCarthy was named Executive Vice President and Chief Financial Officer in July 2013.
He has executive leadership responsibility for all of Cigna’s financial operations and functions, as well as for Cigna’s investment management and strategic planning units.
He has over 31 years’ experience in health care and insurance services, including more than 26 years with Cigna in various financial and operational assignments.
Before being named CFO, he served as Vice President of Finance with responsibility for treasury, tax, strategy and corporate development, and management of run-off reinsurance operations.
McCarthy and his team lead a number of key initiatives, including launching Cigna’s Go Deep, Go Global, Go Individual strategy; the acquisitions of Great West Healthcare, Vanbreda International and HealthSpring; and the transaction with Berkshire-Hathaway to complete the exit of Cigna’s run-off reinsurance business.
Other previous roles include interim Chief Financial Officer, Vice President and Treasurer, Senior Vice President of Cigna Risk Solutions, Financial Officer for Cigna Integrated Care, Financial Officer for Cigna’s large risk property/casualty business, and various capital management and corporate finance roles in Cigna Treasury.
He first joined Cigna in 1980, left to join USAA in 1985, and returned to Cigna in 1986.
In 1999, he joined Kemper Insurance, where he was responsible for a profit center marketing alternative risk products, until 2003, when he rejoined Cigna.
He received his undergraduate degree from the Wharton School of the University of Pennsylvania and an MBA from Carnegie Mellon University.
McCarthy will retire from Cigna this summer.
Signs for push-out forces
It is not completely certain what forces eventually triggered Tom McCarthy’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 10.2017 ($).