Bill Scheffel, CFO of managed-care company Centene Corp., will retire early next year after Centene closes on its pending transaction for Health Net, the company said Wednesday.
Scheffel, 62, will pass the baton to Jeff Schwaneke, Centene's 40-year-old corporate controller and chief accounting officer. Schwaneke has been with Centene since 2008.
St. Louis-based Centene is in the process of buying Health Net for $6.8 billion, including assumption of debt. The two health insurers received early antitrust clearance from the federal government on Monday to move forward with the deal.
Now, shareholders for both companies must OK the acquisition, and state insurance regulators also must give their approval. Centene expects the deal to close by early 2016.
Scheffel said he will stay on as CFO until the deal closes or when Centene files its annual report with the Securities and Exchange Commission next February, whichever is later. Scheffel, who made $4.8 million in 2014, has been with Centene since 2003 and has served as CFO since May 2009.
Assuming Centene receives all remaining approvals, the company will have roughly $37 billion in annual revenue. Centene mostly focuses on Medicaid managed care and has won numerous state contracts the past several years to coordinate healthcare for low-income beneficiaries. Adding Health Net's business will expand the company's presence on the West Coast and in the Medicare Advantage market.
