Economy

Anthem CEO Joseph Swedish to step down

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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