Unitedhealth Group CEO Andrew Witty resigns: Company's stock drops by 17%
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UnitedHealth Group has announced a sudden change in leadership, with CEO Andrew Witty stepping down for unspecified 'personal reasons.'
The decision, revealed Tuesday, comes during a year of turbulence for the health insurance giant, including a high-profile executive killing, regulatory scrutiny, and a sharp drop in market value.
Former CEO Stephen J. Hemsley will return to lead the company, a role he previously held from 2006 to 2017. He will also remain board chairman.
Witty, who had served as CEO since 2021, will stay on as a senior adviser.
Today we announced our new chief executive officer, Stephen J. Hemsley. Read more about our leadership changes here: https://t.co/hM0r7ICyQh pic.twitter.com/EcuNV4MXDy
— UnitedHealth Group (@UnitedHealthGrp) May 13, 2025
UnitedHealth's stock dropped more than 17% on Tuesday, closing at $311.38 — a steep fall from its peak of $630.73 in November 2024.
The company, a Dow Jones Industrial Average component, also suspended its 2025 financial outlook, citing unexpectedly high medical costs among new Medicare Advantage enrollees and plans to expand benefit offerings.
The company noted it 'expects to return to growth in 2026.'
Witty's exit comes months after the December 2024 fatal shooting of Brian Thompson, the CEO of UnitedHealthcare, a UnitedHealth subsidiary.
Thompson was killed in a 'premeditated, preplanned targeted attack' in midtown Manhattan. Luigi Mangione, 27, was arrested after a five-day manhunt and faces federal and state charges, including terrorism and murder.
He has pleaded not guilty to all charges.
The leadership reshuffle also follows heightened scrutiny from the Justice Department, which is investigating UnitedHealth's business practices amid broader criticism of the health insurance industry.
UnitedHealth has not indicated whether a permanent replacement for Witty will be named in the near future.
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