Health insurer WellPoint, Inc. (WLP) on Tuesday named Joseph Swedish as its new chief executive officer, effective March 25. Swedish will succeed John Cannon, who was named interim president and CEO after Angela Braly resigned from the positions in late August.
"He brings to WellPoint an extensive track record leading large, complex health care organizations through diverse challenges in difficult market and regulatory environments, and his experience will be invaluable to WellPoint as we continue to find innovative ways to collaborate with providers in an effort to improve quality outcomes and reduce the cost of care," Chair Jackie Ward said in a statement.
Former CEO Bray, who served at the position since 2007, resigned abruptly following pressure from investors who were disgruntled on the company's financial performance. The company missed analysts' estimates in four consecutive quarters.
Just before Bray left, the company in July cut its full-year 2012 earnings forecast, citing lower enrollment and slightly higher medical cost trends.
However, the company turned around under the interim leadership of Cannon and reported in late January fourth-quarter results that breezed past analysts' expectations, reflecting improved operating performance, solid expense management and improving execution in our core operations.
Meanwhile, Cannon is the executive vice president, general counsel, corporate secretary and chief public affairs officer of the company. He will remain at these positions, and also help in the leadership transition. Swedish, with 40 years experience in health care, most recently served as president and CEO for Trinity Health Corp. since December 2004. Swedish has held a variety of senior executive positions in both non-profit and for-profit health care systems.
"In 24 years as a CEO, he has had tremendous success growing and advancing health care systems by improving core operations, initiating financial restructurings, and expertly integrating strategic mergers and acquisitions. He is an agile leader at a time when major transformations are requiring health benefit companies to examine new ways to better serve our stakeholders," Ward added. Prior to joining Trinity Health, Swedish was president and CEO of Centura Health, the largest health care provider in Colorado. He also served as President of the East Florida and Central Florida Divisions for the Hospital Corp. of America from 1994 through 1998.
Swedish has also served on the boards of three publicly-traded corporations - Coventry Health Care, Inc. (CVH) from 2010 to 2013, Cross Country Healthcare, Inc. (CCRN) from 2002 to 2005, and RehabCare Group, Inc. from 2003 to 2005.
WLP closed Tuesday's regular trading session at $66.01, unchanged on a volume of 1.12 million shares. However, the stock lost $0.76 or 1.15% in after-hours trading.
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