Magellan Health, Phoenix-base managed care insurer and pharmacy benefit manager, has tapped Kenneth Fasola to be its next CEO beginning Nov. 14.
He replaces Barry Smith, who has been the CEO for six years and will remain to help with the transition, the company said Thursday.
Fasola was formerly the president and CEO of HealthMarkets, a large U.S. health insurance agency that was bought by UnitedHealth Group earlier this year. He also previously held roles at Humana UnitedHealthcare.
On Friday, Magellan reported third-quarter revenue of $1.8 billion on net income of $21.3 million. That compares with revenue of $1.9 billion on net income of $27.1 million in the third quarter of 2018.