Joseph Swedish is retiring from his post as CEO of Anthem, the second-largest health insurer in the nation. Swedish will be succeeded by Gail Boudreaux, the former CEO of UnitedHealth Group’s insurance arm. The leadership shift has been in the works for a year, Swedish said, and the company plans to make the announcement Monday. It is unclear when the official transition will occur.
Swedish’s career in healthcare spans more than four decades. He has worked for Indianapolis-based Anthem, a licensee of the Blue Cross Blue Shield Association, since 2013 when he replaced Angela Braly as president and CEO. He became chairman in 2015. Before Anthem, Swedish was CEO of Livonia, Mich.-based Catholic hospital system Trinity Health, an office he took in 2004.
During his tenure, Swedish saw Anthem’s annual revenue balloon from $71 billion in 2013 to $84.9 billion in 2016. Anthem serves about 40 million members in 14 states.
He led the insurer in its effort to acquire rival insurer Cigna Corp. in a deal valued at $54.2 billion. The contentious tie-up was ultimately abandoned after being challenged by the U.S. Department of Justicce for threatening to harm competition.
Anthem last month announced the formation of its own pharmacy benefit manager, IngenioRx, in the wake up its fallout with long-term PBM partner Express Scripts.
Swedish made $16.5 million in total compensation in 2016, according to documents filed with the SEC.