Economy

Anthem CEO Joseph Swedish to step down

Boudreaux, who will take on the role of CEO on November 20, will receive an annual salary of $1.4 million with a potential bonus of up to 350 percent of her salary, along with an initial stock grant worth $2 million. Joseph Swedish, Chairman, President and CEO, will serve as Executive Chairman, Board, stepping down in May 2018, and serve as Senior Advisor through May 2020. "We are fortunate that, as a result of Joe's leadership, we have a foundation of strong performance that allows us the opportunity to transition to a new Chief Executive Officer".

Company shares jumped Monday after Anthem laid out that plan.

Boudreaux recently served as CEO of United Healthcare, where she was responsible for almost $120 billion in revenue and grew membership by more than eight million members in six years.

BMO Markets analyst Matthew Borsch said in a research note that Boudreaux is held in high regard by investors but that Anthem's stock is still a "market-perform" given the company's slower-growth business mix. Anthem noted that she was responsible for about $120 billion in revenue, and she managed around 60,000 employees.

After several days of speculation, predictions that Anthem would be naming a new CEO have come true. Swedish's plans to step down Friday. In 2015, Anthem attempted to acquire rival insurer Cigna.

Minnetonka, Minnesota-based UnitedHealth and Anthem are the nation's two largest health insurers based on enrollment.



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