Research Desk Line-up: CVS Health Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 18, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for UnitedHealth Group Inc. (NYSE: UNH) ("UnitedHealth"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=UNH. The Company announced on August 16, 2017, new leadership roles which will become effective from September 01, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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David S. Wichmann, who has been serving as the President of UnitedHealth, will succeed Stephen J. Hemsley as the Chief Executive Officer (CEO) and become a Director of the Company. At the same time, Stephen Hemsley will assume the newly created role of Executive Chairman of the Board of Directors. Also, the current Board Chairman, Richard Burke, will become Lead Independent Director.
Towards Sustainable Growth
The changes in leadership roles are designed to ensure continuity as the Company continues to grow and evolve in the changing health care landscape. UnitedHealth Group will continue on its strategic path to improve health care quality for its customers and care providers. The Company's commitment to high performance and value in health care will drive sustainable growth in 2017, 2018, and beyond.
About David Wichmann, the New CEO
- David Wichmann, aged 54, joined UnitedHealth in 1998 and has developed deep experience across UnitedHealth's businesses. Since then, he has served in various roles with the Company, including the Chief Financial Officer (CFO) from 2011 until mid-2016. He has been serving as the President of UnitedHealth and has overseen UnitedHealthcare, the Company's benefits business, since 2014.
- In addition, he has directed UnitedHealth's enterprise-wide operations and technology efforts and has led external development, M&A, and integration activities at the Company, evaluating important acquisitions and prospects, and building partnerships within and outside the Company. David has also been the key driving force behind the Company's successful innovation and diversification efforts.
- Currently, he leads UnitedHealth's activities in Brazil, among other global markets, which are important for building out the "third leg" of UnitedHealth's long-term growth strategy.
- Above all, he is a champion of UnitedHealth's culture, mission, and values of integrity, compassion, innovation, relationships, and performance. All these put together make him a good fit to become the new CEO of the UnitedHealth.
With regard to his appointment, David Wichmann said that it is a distinct yet humbling honor to guide this enterprise, with its extraordinary people, purpose, and capabilities. He said that he is fortunate to have an exceptional organization, a deep and talented leadership team, and highly dedicated people. He also expressed his gratitude towards the continuous support from Stephen Hemsley, Richard Burke, the Board, the Vice Chairman Larry Renfro, and the entire senior leadership team. He stated that the Company continues to execute on its mission to better serve its customers, shareholders, and all other participants in the health care system. He also said that the health care industry would continue to change and that UnitedHealth is an enterprise built for change as it is innovative, adaptable as well as consumer-centric.
Encouraging Comments from Hemsley
Stephen J. Hemsley, aged 65, announced that this is the appropriate time for a transition in UnitedHealth's management as the Company is performing strongly and has a positive outlook for the foreseeable future. He re-affirmed that David Wichmann is the right choice to succeed as CEO for that future. David has had approximately 20 years of service in UnitedHealth, during which he has acquired the business and leadership skills, enterprise knowledge and support, broad health care experience, and deep expertise in areas that are critical to the Company's future, particularly in growth-oriented technology, operations, and global markets.
He believes that David Wichmann is the appropriate person to lead UnitedHealth through the continuing evolution of health care. Besides, he also mentioned that he looks forward to continuing to help drive the mission, growth, quality, performance, and development of UnitedHealth in his new role.
A Well Thought Decision for UnitedHealth
Richard Burke, the current Board Chairman, who will now become the Lead Independent Director, cited that stability, innovation, and growth have been the hallmarks of the Company over its history. He conveyed that the leadership changes have been the culmination of around four years of discussion, careful planning, leadership development, and execution. David Wichmann was one of Stephen Hemsley's first hires at the Company and had been preparing for the CEO role for many years.
At the same time, Stephen Hemsley will have significant responsibilities as the Executive Chairman, and will be fully engaged in the Company's ongoing affairs and long-term direction going forward. The Company expects that these changes will maximize the contributions of Stephen Hemsley, David Wichmann, the Board, and UnitedHealth's senior management team considerably into the future.
Move praised by Wall Street's Analysts
Wall Street's analysts acclaimed the leadership transition announced by UnitedHealth. Mizuho analyst, Sheryl Skolnick, especially lauded that the fact that Stephen Hemsley was staying in a very important operating, as well as strategic role. He said that Stephen Hemsley was the most visionary health care executive and a superb operator. He also mentioned that David Wichmann taking over as CEO was crucial, as he had taken care of practically every acquisition over the last 20 years. Thus, he is well aware of where the jewels are hidden in the organization, and best knows how to run the still-important health plan. He also said that the changes came in sooner than expected but Stephen Hemsley's continued involvement will ease the transition.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a diversified health and well-being Company, which is working towards helping people live healthier lives and making the health system work better for everyone. The Company offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare - which provides health care coverage and benefits services; and Optum - which provides information- and technology-enabled health services.
Last Close Stock Review
UnitedHealth's share price finished yesterday's trading session at $192.70, slightly down 0.55%. A total volume of 2.37 million shares have exchanged hands. The Company's stock price soared 12.39% in the last three months, 17.75% in the past six months, and 35.98% in the previous twelve months. Additionally, the stock surged 20.41% since the start of the year. Shares of the Company have a PE ratio of 23.17 and have a dividend yield of 1.56%. The stock currently has a market cap of $185.88 billion.
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