Humana President and CEO Bruce Broussard will end his tenure at the health insurance company next year, Humana announced Wednesday.
Broussard will hand over the reins to Envision Healthcare President and CEO Jim Rechtin, who will assume the roles of president and chief operating officer on Jan. 8, then take over as CEO during the second half of 2024, according to a news release. After stepping down as chief executive, Broussard will be a strategic advisor to the company into 2025, the company said. Humana did not respond to an interview request.
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Rechtin was president of UnitedHealth Group subsidiary OptumCare before starting at Nashville, Tennessee-based Envision Healthcare in 2020.
“Jim has worked closely with clinicians in many different care settings. That experience will help support our growing clinical footprint and continuing evolution as a healthcare company and the important work we do in driving health outcomes for our customers,” Broussard said in the news release.
Broussard joined Humana from pharmaceutical distributor McKesson in 2011, first as president and then as CEO in 2013.
The outgoing chief executive managed Humana during a period of transition for the company and the industry. The insurer grew into the second-largest Medicare Advantage carrier behind UnitedHealth Group, tripling its membership to more than 5 million. Humana also diversified its operations beyond health insurance to include care delivery and other services, such as its CenterWell primary care clinics for older patients.
Last year, Humana embarked on a $1 billion value-creation plan that included a corporate restructuring to create separate divisions for insurance and healthcare services. The company implemented cost-cutting initiatives that included the closure of its SeniorBridge home care centers.
Humana also pulled out of the commercial health insurance market this year to focus on government-sponsored insurance products such as Medicare Advantage. The company reported $959 million in net income for the second quarter, a 37.8% increase from the year-ago period.
“Humana is a stronger and healthier company because of Bruce’s leadership, with a culture and team passionate about the purpose of helping people live better, healthier lives,” Humana board Chair Kurt Hilzinger said in the news release.
