From completed divestitures to shareholders shooting down a pair of proposals that took aim at executive pay, here are eight Centene updates to know from the first six months of 2023.
1. Centene completed the sale of artificial intelligence platform Apixio to the private equity firm New Mountain Capital on June 13.
2. Since taking over the role in March 2022, Centene CEO Sarah London has overseen the divestiture of several non-core businesses. She told Fortune on June 9 that keeping up with the industry race to buy physician practices and build a broad, integrated healthcare company does not make sense for Centene.
3. Centene COO James Murray is retiring in 2024, according to documents filed May 22 with the Securities and Exchange Commission.
4. Centene shareholders rejected a pair of proposals that took aim at executive pay, according to regulatory documents published May 15. Both proposals were shareholder submitted. One would have tied pay to maternal morbidity metrics. The other would have given shareholders more input on how much senior managers are paid when they leave the company.
5. Fred Eppinger was named chairman of the Centene board of directors April 3. Mr. Eppinger is CEO of Stewart Information Services, a real estate information, title insurance and transaction management company.
6. Centene agreed Feb. 8 to pay California $215 million, the largest payment the company has made to settle allegations it overcharged state Medicaid programs. Centene also agreed Jan. 31 to pay Indiana more than $66 million to settle allegations it overbilled the state's Medicaid program. Centene has paid at least 14 states to settle allegations it overcharged Medicaid programs for prescription drugs by failing to pass discounted rates on to states.
7. Centene CFO Drew Asher told investors Feb. 7 that the company expects to lose 2.2 million members over the next year and a half through the Medicaid redeterminations process.
8. Centene completed its sale of Magellan Specialty Health to healthcare administration company Evolent Health on Jan. 23.