Bright Health Group has promoted Jay Matushak to CFO, effective May 12.
According to a May 3 news release, current CFO Cathy Smith is stepping down to pursue another opportunity. She has served as CFO since 2019.
Mr. Matushak joined Bright Health in 2021 and is currently senior vice president of finance. Before joining Bright Health, he spent six years as CFO of Blue Cross Blue Shield of Minnesota and 15 years at UnitedHealth Group.
The leadership transition comes as the company faces multiple financial challenges. Shareholders are set to vote May 4 on a reverse stock-split to avoid being delisted from the New York Stock Exchange.
On April 28, the company said it is looking to sell its California Medicare Advantage business, its last insurance operation.
The company ended all its MA business outside of California, and all of its individual ACA business, at the end of 2022. The company is shifting from insurance to its consumer-care delivery business.
The company served around 375,000 value-based care delivery consumers in the first quarter of 2023, according to an April 28 news release from Bright.
In its fourth-quarter earnings release, the company said there was "substantial doubt" about Bright Health Group's ability to keep operating. The company breached its minimum liquidity requirements in the first quarter of 2023.
On April 28, Bright Health said it has extended a waiver to keep its credit facility through June 30.
According to the May 3 release, Ms. Smith will continue as CFO through the company's first-quarter earnings release May 9, and then continue in an advisory role.