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UNITEDHEALTH GROUP

(UNH)
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UnitedHealth names Wichmann CEO, Hemsley executive chairman

08/16/2017 | 11:21am EDT

NEW YORK (Reuters) - UnitedHealth Group Inc said on Wednesday president David Wichmann will become the company's chief executive, succeeding Stephen Hemsley, who is moving to the newly created role of executive chairman after more than a decade at the helm of the largest U.S. health insurer.

Wichmann, 54, was widely viewed inside and outside of the company as Hemsley's likely successor, although the timing of the change was sooner than some had expected.

UnitedHealth's shares fell 0.7 percent to $193.79 in early trading on the New York Stock Exchange.

Under 65-year-old Hemsley, UnitedHealth became one of the biggest sellers of insurance plans on the exchanges created as part of former President Barack Obama's national healthcare law.

However, mounting losses from the program prompted the company to largely exit from Obamacare plans in 2017.

Current Chairman Richard Burke will become UnitedHealth's lead independent chairman, UnitedHealth said. The changes are all effective Sept. 1.

Wichmann has spent nearly 20 years with the company and was previously its chief financial officer. He has long

been in charge of the insurer's mergers and acquisitions.

"Management is the single most important factor in our view of UnitedHealth - and with Hemsley staying in a very important operating/strategic role, we are very comfortable with this change," Mizuho Securities analyst Sheryl Skolnick wrote in a research note.

As founder, Burke also remains on the board. "The guardians of the UNH galaxy are firmly in place," Skolnick said.

The insurer reported a higher-than-expected quarterly profit last month, helped by its decision to abandon the Obamacare individual insurance market, amid uncertainty over the fate of the law under President Donald Trump's administration.

Hemsley said in July he was optimistic about the business next year, but that national and state healthcare policies would be a possible drag on profit in 2018. Shares of the company have risen nearly four-fold since Hemsley took over the helm.

(Additional reporting by Akankshita Mukhopadhyay and Tamara Mathias in Bengaluru; Editing by Maju Samuel and Bill Rigby)

By Michael Erman


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. -2.73% 2422 End-of-day quote.-31.29%
THE LEAD CO., INC. 8.59% 708 End-of-day quote.-15.71%
UNITEDHEALTH GROUP -0.09% 421.54 Delayed Quote.20.21%
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Financials (USD)
Sales 2021 283 B - -
Net income 2021 16 963 M - -
Net Debt 2021 16 851 M - -
P/E ratio 2021 23,7x
Yield 2021 1,24%
Capitalization 397 B 397 B -
EV / Sales 2021 1,46x
EV / Sales 2022 1,36x
Nbr of Employees 330 000
Free-Float 99,5%
Chart UNITEDHEALTH GROUP
Duration : Period :
UnitedHealth Group Technical Analysis Chart | UNH | US91324P1021 | MarketScreener
Technical analysis trends UNITEDHEALTH GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 28
Last Close Price 421,54 $
Average target price 456,33 $
Spread / Average Target 8,25%
EPS Revisions
Managers and Directors
Andrew Philip Witty Chief Executive Officer & Director
Dirk C. McMahon President & Chief Operating Officer
John Franklin Rex Chief Financial Officer & Executive Vice President
Stephen J. Hemsley Chairman
Richard J. Migliori Chief Medical Officer & EVP-Medical Affairs
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