H. Edward Hanway, the chairman and CEO of Cigna, is retiring at the end of the year, the Philadelphia-based insurer announced.
David Cordani, president and chief operating officer, will succeed Hanway as CEO on Jan. 1, 2010. And Isaiah Ike Harris Jr., an independent company director, will serve as Cignas non-executive chairman, also starting in January.
Hanway, 57, has led Cigna since 2000, and consistently made Modern Healthcares annual list of highest-paid healthcare CEOs.
Cordani, 43, joined Cigna in 1991 and has held the roles of president of Cigna Healthcare and controller for Cigna. He became president and COO in June 2008. David has established himself as a highly qualified professional who is ideally suited to lead the company for many years, Hanway said in a written statement.