UnitedHealth CEO Andrew Witty is resigning from his position for personal reasons, the insurance company announced on Tuesday.
UnitedHealth also said that it would suspend its 2025 financial outlook because due to higher-than-expected medical costs. The move to withhold guidance followed its first quarterly earnings miss in more than a decade.
The health care giant said Stephen Hemsley has taken the helm of the company as CEO. Hemsley previously served as UnitedHealth CEO from 2006 to 2017.
Shares of the Minnesota-based company have plunged since the death of former CEO Brian Thompson, who was shot and killed outside a hotel in midtown Manhattan in December. The company's shares fell $37.71, or nearly 10%, to $341.04, ahead of the start of trade.
"Leading the people of UnitedHealth Group has been a tremendous honor as they work every day to improve the health system, and they will continue to inspire me," Witty said in a statement.
— This is a developing story and will be updated
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Mary Cunningham