Thomas McCarthy, Cigna Corp.'s chief financial officer, will retire early summer, the insurer announced Thursday.
He will be replaced by Eric Palmer, a 20-year veteran with the company who now serves as CFO for Cigna's global health, Cigna-HealthSpring, employer-based health care, group and supplemental insurance businesses. Palmer was named deputy CFO on Thursday.
McCarthy first joined Bloomfield, Conn.-based Cigna in 1980. He was promoted to executive vice president and CFO in July 2013 after serving as the company's vice president of finance.
As CFO, McCarthy took home more than $4.4 million in total compensation in 2015, according to documents filed with the Securities and Exchange Commission. He made $3.7 million in 2014.
Cigna, which is in the middle of fighting insurer Anthem to dissolve their $54 billion agreement to merge and collect $14.8 billion in damages and a break-up fee, also announced several other changes to its executive leadership.
It named Christopher Hocevar as president of strategy, segments and solutions. Hocevar, who has been with the company 14 years, previously headed up Cigna's select segment and pharmacy benefits management business.
Cigna also named Michael Triplett as president of U.S. markets. He was most recently president of the regional market segment, where he was focused on serving businesses with 251 to 5,000 employees. He has been with Cigna 18 years.
Alan Muney, the insurer's chief medical officer, will now also lead Cigna's Total Health & Network operation. And Matthew Manders, a 30-year Cigna veteran and the current president of U.S. commercial markets, will take on the new role of president of government and individual programs and group insurance, focusing on seniors, individual and family plans and group insurance.
Finally, Cigna announced that Lisa Bacus, its chief marketing officer, will also assume responsibility for the U.S. service operations organization.
"These additions to my leadership team bring greater focus as we seek to bring increased value to our customers and clients," Cigna President and CEO David Cordani said in a statement. "These leaders have been responsible for a great deal of our success as we have driven our local market strategy, made health care more personal and affordable, and designed and delivered more customer-centric products and services. These changes further emphasize the strategies that have helped make Cigna the market leader."