Stephen Hemsley is returning as CEO at UnitedHealth Group, a role he held for more than a decade.
UnitedHealth Group said former CEO Andrew Witty was stepping down for personal reasons. Mr. Witty will remain a strategic advisor to Mr. Hemsley.
On a May 13 investor call, Mr. Hemsley said he was “humbled” to return to the helm of UnitedHealth Group, and said he is confident the company can return to growth.
“Our strategy and structure are the right ones for this era,” he said
According to a regulatory filing published May 14, Mr. Hemsley will receive an annual base salary of $1 million. He will not be paid any annual cash incentives, but will receive a one-time $60 million equity award. The option vests after three years, and Mr. Hemsley will receive no additional annual equity awards during the first three years of his employment.
Here are five things to know about Mr. Hemsley:
- Mr. Hemsley, 72, joined UnitedHealth Group as COO in 1997. He was named CEO in 2006, a role he held until his retirement in 2017.
- Mr. Hemsley has chaired the UnitedHealth Group board since 2017. He also previously served on the board of Cargill, a major food and agriculture corporation.
- Prior to joining UnitedHealth Group, Mr. Hemsley was a managing partner in strategy and planning and CFO of accounting firm Arthur Andersen. He received a degree in accounting from Fordham University in 1974.
- Mr. Hemsley oversaw UnitedHealth’s transformation from a health insurer to a $400 billion conglomerate, according to The Wall Street Journal. During his first tenure as CEO, UnitedHealth Group created Optum, its health services arm, which is now the largest employer of physicians in the U.S. Mr. Hemsley also guided UnitedHealth Group from No. 103 to No. 7 on the Fortune 500 during his tenure as COO and CEO, according to Fortune.
- Mr. Hemsley has kept a low public profile. In 2017, Fortune called him “the most retiring, publicity-adverse CEO heading an iconic company.”
