The Blue Cross and Blue Shield Association announced Wednesday its longtime CEO will retire at the end of 2020.
The Blues board of directors is working to identify Scott Serota's replacement to ensure a smooth transition, according to the release. For the time being, Serota will continue to focus on the organization's business and policy priorities.
Serota joined the federation of 36 independent Blues companies, in 1996 and assumed his current role in 2000.
"I am honored to lead the association and support the 36 Blue Cross and Blue Shield companies and the 107 million Blue members who count on us to be there when and where they need us," Serota said in a statement. "I am eager to continue the important work of improving the health of all Americans—and ensuring a seamless transition to the next leader of the association."
Serota received $8.8 million in total compensation in 2017, according to the latest tax information available. Of that, $1.2 million was base compensation, and $4.8 million was bonus and incentive pay. He also received $3.2 million in retirement and other deferred compensation in 2017.
The company wrote that over his nearly two decades at the helm, Serota has overseen tremendous change both within the Blue Cross system and in the healthcare industry at large.
Paul Markovich, CEO of Blue Shield of California, wrote in a statement that Serota's commitment and effectiveness are both exceptional and rare in this day and age.
"He will be missed when he retires at the end of next year, and I'm pleased that we will continue to benefit from his remarkable leadership until then," Markovich said.
Serota's focus has always been on improving members' health, Daniel Hilferty, CEO of Independence Blue Cross, said in a statement. He has developed innovative solutions like the Health of America report, which gives insight into the healthcare challenges facing members, Hilferty said.
"Scott will be leaving a BCBSA that is stronger than ever, and I am so grateful for the time we have spent working together," he said.