In this article, UnitedHealthcare has appointed Tim Noel as its new CEO, succeeding Brian Thompson who was tragically killed in Manhattan in December. Noel, a company veteran, previously led the Medicare and retirement division at UnitedHealthcare, the largest private health insurer in the U.S. UnitedHealthcare is the insurance arm of UnitedHealth Group, the nation’s largest health-care conglomerate in terms of revenue and market capitalization exceeding $480 billion.
Noel, who has been with the company since 2007, was chosen for his extensive experience, proven track record, and dedication to enhancing the healthcare system for consumers, physicians, employers, governments, and other partners, according to a statement from UnitedHealth Group.
Following Thompson’s murder, which sparked widespread outrage and renewed calls for healthcare reform, the company has heightened security measures for its executives and removed personal information from its website, including an executive leadership page.
The individual charged with Thompson’s killing, Luigi Mangione, is currently in custody in Brooklyn, facing charges of murder and terrorism to which he has pleaded not guilty.
Noel’s responsibilities at UnitedHealthcare included overseeing the Medicare Advantage plans, which have been a significant cost concern for insurers due to rising medical expenses from patients returning to hospitals for delayed procedures during the Covid-19 pandemic.
UnitedHealthcare’s Medicare and retirement unit caters to nearly 13.7 million patients, representing one-fifth of Medicare beneficiaries, as per company data.
UnitedHealth Group CEO Andrew Witty emphasized the need for a more efficient and less costly U.S. healthcare system during an earnings call, acknowledging the challenges posed by high prices and the potential impact on revenue streams for organizations.
In its latest financial report, UnitedHealth Group fell short of Wall Street’s revenue expectations for the fourth quarter, citing weaknesses in its insurance business. Despite this, the company reported a revenue increase of 8% to $400.3 billion for 2024 and anticipates further growth to a range of $450 billion to $455 billion this year.
Contributions to this report were made by CNBC’s Bertha Coombs.
