Health insurer Cigna Corp. (CI), Wednesday announced the retirement of its chairman and chief executive officer, Edward Hanway, effective December 31. Hanway had served Cigna for about ten years in those roles and will be replaced by David Cordani as CEO. The company has now decided to separate the roles of chairman and chief executive officer.
Hanway, 57, assumed his current role of chairman and chief executive officer of Cigna in 2000. Previously, he served as president and chief operating officer of the company, and held a number of management and executive roles of increasing responsibility.
Hanway also serves in a leadership capacity at America's Health Insurance Plans, and is also on the board of the Alliance for Health Reform.
The company said, "Under Ed's strategic leadership, the company has transformed from a multi-line insurer to a leading health service company that is committed to improving the health, well-being and sense of security of the people it serves around the world."
After consideration by the board's corporate governance committee, the Philadelphia, Pennsylvania-based company said it will separate the roles of chairman and chief executive officer.
The company said that its board has appointed the current president and chief operating officer of the company, David Cordani, to succeed Hanway as chief executive officer, effective January 1, 2010 following a six-month transition period.
Cordani, 43, served the company as president and chief operating officer since June 2008, with strategic and operational responsibility for Cigna's healthcare, group insurance and international businesses.
Isaiah "Ike," an independent director of the company, has been named as the non-executive chairman, effective January 1, 2010. Beginning July 1, Harris will serve as the vice chair of the board and will work closely with Hanway to ensure a smooth transition of board leadership responsibilities.
Harris, 56, has been on the board of the company since 2005. He is currently a director of Deluxe Corporation and an independent trustee of Wells Fargo Advantage Funds.
Cigna closed Wednesday's regular trading session at $23.71, down 17 cents on a volume of 4.79 million shares. The stock has been moving in a range of $8.00 - $44.14 for the past 52 weeks, with an average daily volume of about 4.87 million shares for the past three months.
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