UnitedHealth CEO Andrew Witty is resigning for personal reasons, with Chairman Stephen Hemsley stepping in immediately. Witty, who previously led GlaxoSmithKline, oversaw significant financial growth during his tenure, with total revenue increasing 55% to over $400 billion. However, the company has faced challenges in recent months, including a notable decline in stock prices linked to the violent incident involving a company executive. Following a poor quarterly earnings report, UnitedHealth has suspended its 2025 financial outlook, indicating concerns over rising medical expenses amidst ongoing corporate security issues.
"Leading the people of UnitedHealth Group has been a tremendous honor as they work every day to improve the health system, and they will continue to inspire me," Witty said.
"Under Witty's leadership, total revenue topped $400 billion last year, a 55% increase, demonstrating significant growth for UnitedHealth during his time as CEO."
"Despite a remarkable stock performance of 60.5% increase under Witty, the company's shares have plummeted 38% since the shooting death of executive Brian Thompson."
"Due to heightened medical costs and recent turmoil, UnitedHealth has suspended its full-year financial outlook, indicating challenges ahead for the nation's largest health insurer."
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