Cigna has promoted 3 company officials to its ELT (enterprise leadership team), effective instantly. Eric Palmer, current deputy chief financial officer, will become new Chief Financial Officer of Cigna when Thomas McCarthy retires this summer.
Also, ELT member and Chief Marketing Officer Lisa Bacus, who oversees international marketing, will take over U.S. service operations under the latest title of chief marketing and customs officer.
Cigna has announced new Chief Financial Officer (CFO) and promotes other execs. New appointees to the ELT involve Alan Muney, who sustains in his role as chief medical officer, and ex-President of regional markets Michael Triplett, who is now president of U.S. markets. Its recent financial report indicates revenues of Cigna grew by 5 percent in the year of 2016 from 2015, though CEO David Cordania condemned the ACA’s individual market and said it is “fragile at best.”
The company sustains to be embroiled in court over its failed $54 million merger with Anthem. Previous week, the health insurance giant filed a lawsuit against Anthem finding a declaratory judgment that Cigna had lawfully terminated the merger agreement and more than $13 billion in damages plus a $1.85 breakup fee.
Although the U.S. Court of Appeals for the District of Columbia granted motion of Anthem for a speedy appeal last week that seeks to overturn the court ruling that blocked the merger on antitrust grounds. This came on the heels of a Delaware judge’s temporary restraining order stopping Cigna from abandoning the deal as had been requested in a the lawsuit submitted by Anthem.
The other 2 health insurance giants that had their proposed merger challenged in court with an antitrust lawsuit submitted by the U.S. Department of Justice last July – Aetna and Humana – are rethinking strategies. But these 2 companies are more concentrated on adjusting their capital after they both mutually agreed to drop their policies.
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