UnitedHealth's CEO Andrew Witty has resigned for personal reasons, and the company suspended its financial outlook due to unexpected medical costs from Medicare Advantage participants. Effective immediately, Stephen Hemsley, who previously served as CEO from 2006 to 2017, resumes his leadership role. Witty will now act as a senior adviser. The health insurer remains optimistic about growth prospects in the next year, despite the current financial uncertainty surrounding increased medical expenses.
UnitedHealth CEO Andrew Witty is stepping down due to personal reasons, with chairman Stephen Hemsley taking over as CEO immediately.
UnitedHealth has suspended its full-year financial outlook due to higher-than-expected medical costs related to Medicare Advantage beneficiaries.
Former CEO Witty will transition to a senior advisory role under Hemsley, who previously led the company from 2006 to 2017.
Despite current challenges, UnitedHealth anticipates a return to growth in the upcoming year.
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