Molina picks former Aetna professional as new Chief executive officer

Molina Healthcare announced Tuesday that Frederick Zubretsky, Aetna’s former chief financial officer, will require over since it’s new president and Chief executive officer, effective November. 6.

Zubretsky will succeed interim Chief executive officer Frederick White-colored, who required over following the insurer ousted Chief executive officer Dr. J. Mario Molina and Chief Financial Officer John Molina, the sons from the company’s founder, in May. At that time, Molina’s board reported the business’s disappointing financial performance, though some observers thought Dr. Molina’s blunt critique of Republican efforts to repeal the Affordable Care Act may have performed a job.

White-colored will stay with Molina Healthcare as CFO.

Lengthy Beach, Calif.-based Molina offers State medicaid programs plans in 12 states and sells individual-market intentions of numerous condition exchanges. It covers 4.seven million people as a whole.

“Joe may be the right Chief executive officer to guide Molina in this transformative period,” stated Dale Wolf, chairman of Molina’s board of company directors. “He’s a history of strong leadership across multiple companies, both inside and outdoors managed care, and it has first-hands experience of leading restructuring efforts at previous organizations.”

Zubretsky joins Molina using more than 35 experience within the insurance and financial services industries. He was most lately the Chief executive officer from the Hanover Insurance Group. Just before that role, he offered almost nine years at Aetna, where he most lately was Chief executive officer of Healthagen Holdings, several healthcare services and knowledge technology companies.

From 2013 to 2014, he offered as senior executive v . p . leading Aetna’s National Companies. From 2007 to 2013 he offered as Aetna’s CFO.

“I’m excited to start my new role at Molina Healthcare,” Zubretsky stated inside a statement. “The business’s wealthy heritage and concentrate on serving families and people in need of assistance, coupled with an unwavering mission-driven culture, produce a compelling service offering within the government healthcare space.”

Molina announced in This summer it planned to put off 1,400 employees, or 10% of their workforce, to offset losses from the ACA exchange business.

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