Humana CFO Susan Diamond will step down after 18 years with the insurer.
Celeste Mellet, the CFO of Global Infrastructure Partners, an investment fund, will be Humana's next CFO, the company said in a Dec. 3 news release.
Ms. Mellet will assume the CFO role Jan. 11. Ms. Diamond will remain with Humana through the end of 2025 in an advisory role.
The move is the second major leadership transition at Humana this year. In July, Jim Rechtin took over as CEO of the company after Bruce Broussard stepped down after a decade at the helm.
Ms. Mellet's appointment comes amid a turbulent time for Humana's Medicare Advantage business. The company cut its earnings guidance for 2024 and 2025 based on rising medical utilization in the program.
Humana's net income in the third quarter of 2024 was down 42% from the same time period last year. The company is also facing a decline in its Medicare Advantage star ratings, which it expects to hurt its 2026 earnings.
Ms. Diamond was Humana's second highest-paid executive in 2023, with total compensation of $4.7 million. She will receive her base salary of $790,000, annual incentives and benefits during her time as a strategic advisor, according to regulatory documents Humana filed Dec. 3.
Ms. Diamond was named Humana's CFO in 2021.
Ms. Mellet will be paid a base salary of $975,000 and an initial equity award worth around $6 million, according to regulatory documents. She will receive a cash sign-on payment of $7.3 million.
"As I prepare for the next chapter, both personally and professionally, and the company works to establish new forward-looking commitments, it became clear that this is the right time to initiate a CFO transition," Ms. Diamond said in the news release. "It is important to have a leadership team that will be in place for the next several years to deliver against those commitments, and I look forward to helping set the team up for success."