UnitedHealth Group CEO Replacement
UnitedHealth Group replaces CEO Andrew Witty due to company's mounting problems, including a massive data breach and rising financial issues in its Medicare Advantage business. Former CEO Stephen J. Hemsley takes over. UnitedHealth's stock plunges by 16%.
Key Points
- Massive data breach at Change Healthcare
- Brian Thompson, CEO of UnitedHealthcare, was shot and killed
- Rising costs in Medicare Advantage impacting big health care companies
Pros
- Immediate action taken by UnitedHealth to address challenges
- Former CEO and current chairman stepping in to lead
Cons
- 16% drop in UnitedHealth's stock following the announcement
- Company facing financial issues and suspending outlook