(NewsNation) — UnitedHealth Group announced an executive swap amid a turbulent era for the company that included its CEO being killed and earnings falling below expectations.
Wayne DeVeydt, most recently a managing director of Bain Capital, will become UnitedHealth’s new chief financial officer on Sept. 2.
John Rex, the company’s current CFO, will become strategic advisor to the CEO, Stephen Hemsley.
“Wayne DeVeydt combines deep financial acumen and operating experience with the mission-oriented and compassionate approach to health care that is a perfect fit for UnitedHealth Group,” Hemsley said in a release.
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This week, the company slashed its earnings per share expectations by nearly half while blaming soaring medical costs. In May, the company changed CEOs and withdrew its 2025 forecast altogether.
The company is also dropping some Medicare Advantage plans that collectively cover more than 600,000 people.
The company’s revenue leapt 13% year-over-year in the second quarter, but profits sank 19%.
Last month, the company also confirmed it was cooperating with the Department of Justice as it investigates aspects of its Medicare programs.
