Molina Hires Joseph Zubretsky as New CEO
October 10 2017 - 6:23PM
Dow Jones News
By Maria Armental
Molina Healthcare Inc. said Tuesday it has hired Hanover
Insurance Group's chief executive to serve as its president and
chief executive.
Joseph M. Zubretsky, 60 years old, is scheduled to join the
health insurer on Nov. 6 and take the reins from Joseph W. White,
who has held the post on a temporary basis after Molina's two
leading executives were fired in May.
"Joe is the right CEO to lead Molina during this transformative
period," Board Chairman Dale B. Wolf said Tuesday in a statement,
highlighting Mr. Zubretsky's restructuring experience.
Mr. White will stay on as chief financial officer, Molina
said.
One of the largest marketplace insurers offering health plans on
the Affordable Care Act's exchanges, California-based Molina is
scaling back operations and laying off about 10% of its workers as
part of push to cut annual expenses by $300 million to $400
million.
Under the terms of the contract, Mr. Zubretsky, a former Aetna
Inc. executive, would be paid a $4 million signing bonus and $1.3
million in base salary. He won't be eligible for a performance
bonus this year.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 10, 2017 19:08 ET (23:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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