Cigna Corp. has named its current VP of finance, Thomas McCarthy, to the role of executive VP and CFO.
Effective July 12, McCarthy, 56, will replace Ralph Nicoletti, who recently announced his resignation due to personal reasons. Though Nicoletti will step down from his post as executive VP and CFO on July 12, he will remain with Cigna through Aug. 9, allowing for a smooth transition, according to a news release.
“With this strong succession plan in place, we'll continue our momentum moving the company forward and creating value for our customers around the world,” David Cordani, president and CEO of Cigna, said in the release.
McCarthy first joined Cigna in 1980, and has spent most of his career at the company in various financial, underwriting, strategic and corporate development positions. Between September 2010 and May 2011, he served as Cigna's interim CFO.
“Tom is a Cigna veteran and seasoned leader with strong strategic vision and skills who will help drive the continued execution of our strategy to deliver value to our customers and clients around the globe,” Cordani said in the release.
According to the most recent 8-K filed by Cigna, McCarthy will receive an annual base salary of $600,000, but will have the opportunity to earn $3.3 million in total annual compensation, based on his salary, stock ownership and other incentives.
Cigna, based in Bloomfield, Conn., offers health services that include medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and group life, accident and disability insurance.
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