WellPoint named Joseph Swedish as the health insurer's new chief executive Tuesday, after a six month search. Swedish, 61, will take over March 25.
Since 2004, he's been president and CEO of Trinity Health, a multi-state integrated health care delivery system, which operates 47 hospitals in 10 states.
"Having spent my entire career in health care, I have a strong sense of the market in which the company operates and I am energized by the dynamic changes taking place in the industry," Swedish said in a company statement. "I'm committed to ensuring that WellPoint remains a market leader, and I look forward to working with my new colleagues to profitably grow and enhance this organization in a changing market environment."
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The transition comes at a different time for insurers, as they are trying to cement their role in health care as the main initiatives of the Patient Protection and Affordable Care Act, including the introduction of exchanges, come into play in the next year. WellPoint, which sells health insurance as Blue Cross Blue Shield, holds the No. 2 spot in the United States behind UnitedHealth Group Inc.
Former WellPoint CEO Angela Braly stepped down from her role as the insurer's president and chief executive in August following criticism from shareholders who said the Indianapolis-based health giant had been underperforming.
Since then the company has been run by interim CEO John Cannon, who had said he wasn't looking to take over the job permanently. WellPoint said Cannon will remain with the company, and in addition to his role as executive vice president of legal and public affairs he will help guide the transition.
WellPoint board chair Jackie Ward said that she is confident that Swedish will achieve future growth and success for the company.
"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," Ward said. "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."
While at Trinity, Swedish accelerated financial and operational performance, growing revenue from less than $6 billion in 2005 to $9 billion in 2012 and doubling operating margins. He also had his hand in health reform discussions and solutions, working with multiple bipartisan congressional delegations, and spearheading the "Lead the Way and Find a Way" health care reform campaign that advocated for systematic health care delivery changes based on principles of advancing health care reform.
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