Blue Shield of California President and CEO Lois Quam is out at the company two months after taking the helm.
The company declined to explain the circumstances of Quam's immediate departure.
Related: Blue Shield of California is latest Blues plan to restructure
Chief Financial Officer Mike Stuart will serve as interim president and CEO until the board names a permanent successor, the company said in a news release Tuesday. Stuart has worked at the nonprofit insurer for more than a decade, the company said.
Quam joined the company as president in August after having served as CEO of Pathfinder, a nonprofit global health organization. She was named CEO in early January as part of a corporate restructuring and was touted as its first female CEO.
As part of the restructuring, Blue Shield of California, which covers nearly 6 million members, launched a new parent company, Ascendiun, which comprises Blue Shield of California, its clinical services company Altais, and Stellarus, a startup that will build and sell the insurer’s offerings.
As part of that reorganization, longtime CEO Paul Markovich was promoted to president of Ascendiun and interim president of Stellarus.
In June, Blue Shield of California fired senior executive Dr. Tosha Lara-Larios for allegedly misrepresenting her name and professional credential to the company. She had served as vice president, chief medical officer, and interim medical director of medical management and accreditation.
Blue Cross and Blue Shield insurers have faced challenges competing against larger, for-profit carriers, leading several companies to restructure operations in recent years. Blue Shield of California has more than $25 billion in annual revenue, according to the company.
