In an unexpected turn of events, UnitedHealth Group announced on Tuesday that CEO Andrew Witty has stepped down due to “personal reasons.”
This abrupt departure follows the tragic shooting death of Brian Thompson, the CEO of UnitedHealthcare, a subsidiary of UnitedHealth, in December.
Witty’s exit opens the door for Stephen J. Hemsley, who served as the company’s CEO from 2006 to 2017, to step back into the role.
Hemsley will also retain his position as board chairman, while Witty will transition to a senior advisory role.
This leadership shakeup comes as UnitedHealth faces sharp criticism over the practices within the health insurance industry.
The company’s stock tumbled by more than 17% on Tuesday. Shares, part of the prestigious Dow Jones Industrial Average, closed at $311.38, a significant drop from their peak of $630.73 in November.
The company is also under investigation by the U.S. Justice Department over its business dealings.
In addition to the leadership changes, UnitedHealth suspended its 2025 financial forecast, citing higher-than-expected medical costs for new Medicare Advantage beneficiaries and plans to expand its benefit offerings in the coming quarters.
While the company aims for recovery in 2026, the path to stability remains uncertain.
The tragic shooting of Brian Thompson, which occurred in December, casts a somber shadow over the company’s recent turmoil.
Thompson was fatally shot in a premeditated attack while on his way to an investors’ conference in Manhattan. Luigi Mangione, 27, was arrested after a five-day manhunt in Altoona, Pennsylvania.
Mangione faces multiple charges in New York and Pennsylvania, including federal stalking and murder charges. If convicted of federal charges, Mangione could face the death penalty.
UnitedHealth’s business strategy moving forward will likely focus on navigating through these turbulent times, with hopes of regaining stability and growth in the coming years.
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