Cain Hayes, president and CEO of Point32Health, is stepping down at the insurance and well-being company to pursue other career opportunities, the organization announced Friday.
Eileen Auen, board chair for Point32Health, will serve as interim executive chair until a permanent replacement is selected. The company said a candidate search is already underway.
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Canton, Massachusetts-based Point32Health was created through the 2021 merger between Tufts Health Plan and Harvard Pilgrim Health Plan.
"The industry is facing challenges, and while we are confident about our organization’s future, we need to evolve the business to in order to compete and continue to deliver better services and coverage for our members, customers and communities," a Point32Health spokesperson said Friday.
Hayes joined Point32Health as CEO in July 2021, replacing Tom Croswell who retired. Previously, Hayes served as president and CEO of Pittsburgh-based Gateway Health, a managed care organization.
"I'm planning to continue my corporate board service for DocuSign, the Andy Warhol Museum and the Boys and Girls Club of Boston, as well as philanthropy [efforts], giving back to the community, traveling and spending time with family," Hayes said Friday about his immediate plans.
Point32Health reported a net loss of $72 million in the second quarter of 2024 ended June 30 and a $100 million net loss for the first six months of the year, according to an August news release. At that time, Chief Financial Officer Scott Walker said the losses were due to higher operating costs. In 2023, the company reported an adjusted net loss of $51.4 million for the six months ended June 30.
“During the first six months of 2024, we continued to see elevated healthcare costs driven by increased utilization for services in pharmacy, including GLP-1 weight loss drugs, acute and post acute inpatient admittance and residential treatments for substance use disorder,” Walker said in August.
