Tufts Health Plan, Waltham, Mass., said its chief executive and chief operating officers resigned amid mounting losses and declining membership.
James Roosevelt Jr., Tufts' general counsel, replaced President and CEO Nancy Leaming, who was promoted to the top post in 2003 after 17 years as the company's COO. A successor for COO Rich Hallworth was not named.
In the first quarter, Tufts posted an operating loss of $13 million on revenue of $496 million, compared with an operating loss of $3.4 million on revenue of $549 million in the year-ago quarter. Total enrollment fell 12% to 656,535 members as of March 31, from 747,000 members at the end of March 2004.
Roosevelt, a grandson of President Franklin Roosevelt, joined Tufts in 1999. He previously served as associate commissioner of retirement policy at the Social Security Administration. Tufts Chairman Davey Scoon said in a news release that Roosevelt "has the full confidence of (the board) as he develops and implements an aggressive action plan to address declining membership."