Humana CFO Susan Diamond to step down

Humana Chief Financial Officer Susan Diamond will depart the health insurer after 18 years, the company announced Tuesday.

On Jan. 11, investment firm executive Celeste Mellet will succeed Diamond, according to a news release. Mellet is CFO of Global Infrastructure Partners, the same job she previously held at the investment bank Evercore and the mortgage financing company Fannie Mae following 18 years at Morgan Stanley.

Related: CenterWell's Sanjay Shetty on Humana's primary care gamble

“Celeste is a highly accomplished CFO and brings firsthand experience navigating dynamic and highly regulated industries," Humana President and CEO Jim Rechtin said in the news release.

Diamond is resigning to "pursue personal and professional goals," Humana notified the Securities and Exchange Commission in a filing Tuesday. Diamond has been CFO since 2021 after serving in other roles at Humana, including president of the home care division.

“Susan’s contributions spanned across our Medicare, Home Solutions and finance teams and she was instrumental in helping navigate complex environments including COVID-19 and dynamic utilization trends,” Rechtin said.

Diamond will remain with Humana in an advisory role at full pay through 2025 and on the books as a temporary worker until March 2027, according to the SEC fiing.

Humana has struggled this year amid a difficult environment for Medicare Advantage insurers characterized by high medical costs and unfavorable regulations.

The company, second in Medicare Advantage market share behind UnitedHealth Group subsidiary UnitedHealthcare, reported a 42.3% decline in profit to $480 million as revenue grew 11.3% to $29.4 billion during the third quarter.

Humana shares opened at $290.97 on the New York Stock Exchange on Tuesday, down 38.1% since the beginning of 2024.