- After almost eleven years on the job
- Hemsley will remain as executive chairman at UnitedHealth
- Hemsley spoke at length and said 142 words
(exechange) — New York, August 16, 2017 — Steve Hemsley, chief executive of UnitedHealth, hands over the reins. It is a change at short notice. As announced by UnitedHealth Group Incorporated in a news release on Wednesday, August 16, 2017, Stephen J. (Steve) Hemsley leaves the post as chief executive officer at the managed health care company after almost eleven years on the job, effective September 01, 2017.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 36 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 8.8 years, according to data compiled by exechange.
Hemsley’s duties are taken over by Dave Wichmann, currently president at UnitedHealth Group Incorporated.
“To ensure continuity”
The imminent management change is explained as follows. UnitedHealth said: “These changes are designed to ensure continuity as the company continues to grow and evolve. The company will continue on its strategic path to improve health care quality for the customers and care providers it serves. UnitedHealth Group’s commitment to high performance and value in health care will drive sustainable growth in 2017, 2018 and beyond.”
Hemsley will remain as executive chairman at UnitedHealth
On September 1, 2017, Hemsley will take the newly created role of executive chairman of the board of directors; current board chairman, Richard Burke, will become lead independent director.
Share price rise since February 2009
The change follows a rise in the share price of UnitedHealth Group Incorporated since February 2009.
Chaired by Richard T. Burke
UnitedHealth Group Incorporated is chaired by Richard T. Burke.
He founded UnitedHealth Group Inc. and has been its Non-Executive Chairman since October 16, 2006.
On the job as CEO since 2006
Stephen J. Hemsley has been the Chief Executive Officer of UnitedHealth Group Incorporated since November 30, 2006.
Hemsley has been a member of the Board of Directors since 2000.
Hemsley joined the Company in 1997 as Senior Executive Vice President and became Chief Operating Officer in 1998.
Hemsley served as President and Chief Operating Officer from 1999 to 2006 and as President and CEO from 2006 to November 2014.
Hemsley currently serves as a director of Cargill, Inc.
Read the full story in the exechange report 34.2017 ($).