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UnitedHealth president David Wichmann to take over as CEO after boardroom shake-up

Last updated: 14:36 16 Aug 2017 EDT, First published: 03:36 16 Aug 2017 EDT

unitedhealth group headquarters
Wichmann has been with the insurer since 1998

US health insurance giant UnitedHealth Group Inc (NYSE:UNH) re-shuffled its boardroom, with current president David Wichmann to take over the reins as chief executive.

Wichmann will take up his new role at the start of September when current boss Stephen Hemsley takes up the newly-created position of executive chairman.

The shake-up will also see chairman Richard Burke become a lead independent director.

READ: UnitedHealth ups full-year earnings guidance but shares weak as healthcare bill scrapped

Right time for transition

“This is the right time for this transition to take place, as the company is performing strongly and has a positive outlook for the foreseeable future, and Dave Wichmann is the right choice to succeed as CEO for that future," Hemsley said in a statement.

At 54, Wichmann is 11 years younger than Hemsley and he has spent most of his working career at UnitedHealth in various roles.

He joined the insurer back in 1998 and held the position of chief financial officer from 2011 until last summer, when he was named president.

Wichmann has also overseen UnitedHealthcare, the company’s benefits business for the past three years.

UnitedHealth shares have climbed more than 20% so far this year and they were up another 1.5% or so in pre-market trade to US$194.50.

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