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. This division is part of UnitedHealth Group, the country’s largest health-care conglomerate in terms of revenue and market capitalization exceeding $480 billion.
Having joined the company in 2007, Noel is recognized for his extensive experience and successful track record in improving healthcare for various stakeholders. UnitedHealth Group emphasized his commitment to enhancing healthcare for consumers, physicians, employers, governments, and other partners.
Following Thompson’s murder, the company faced backlash and criticism towards the insurance industry, sparking discussions on healthcare reform in the U.S. Concerns about safety have led companies in the industry to enhance security measures for executives and limit the disclosure of personal information on their websites, including UnitedHealth Group.
The individual charged with Thompson’s killing, Luigi Mangione, is currently in custody in Brooklyn, New York, facing charges of murder and terrorism, to which he has pleaded not guilty. Noel’s responsibilities at UnitedHealthcare include overseeing the Medicare Advantage plans, which have seen rising costs due to increased medical procedures by patients following delays during the Covid-19 pandemic.
UnitedHealthcare’s Medicare and retirement unit serves a significant portion of Medicare beneficiaries, approximately 13.7 million patients, representing one-fifth of the total. UnitedHealth Group’s CEO, Andrew Witty, highlighted the need for a more efficient and cost-effective U.S. healthcare system during an earnings call, acknowledging the complexities and challenges within the industry.
Despite missing revenue expectations in the fourth quarter following Thompson’s death, UnitedHealth Group reported an 8% increase in revenue for 2024, reaching $400.3 billion. The company anticipates further revenue growth this year, projecting a range of $450 billion to $455 billion.
Contributions to this report were made by CNBC’s Bertha Coombs.
