Oscar Health has named former Aetna CEO Mark Bertolini as the company's next chief executive.
Mario Schlosser, a co-founder of the insurtech company and its current CEO, will become president of technology, according to a March 28 news release from Oscar Health.
Mr. Bertolini was CEO of Aetna from 2010 until the company's acquisition by CVS Health in 2018. He left CVS Health's board of directors in 2020.
He most recently served as co-CEO of Bridgewater Associates, the largest hedge fund in the world. Mr. Bertolini has been a strategic advisor to Oscar Health for the past 18 months, according to the company's news release.
Mr. Bertolini's appointment is effective April 3, the company said. Mr. Schlosser will continue to serve on Oscar Health's board of directors.
Since its founding in 2012, Oscar Health has never posted a profit. In 2022, the company reported a $606 million loss. The company also reported membership gains in 2022, ending the year with more than 1 million individual and small group members, 62,000 Cigna+Oscar members and 4,400 Medicare Advantage members.
Mr. Bertolini told the Wall Street Journal he is focused on ensuring Oscar Health's insurance business is profitable in 2023 and the entire company turns a profit in 2024.