UnitedHealth CEO Andrew Witty Retires Amid Financial Challenges

Andrew Witty, former CEO of UnitedHealth Group, has retired from the company following his stepping down from the leadership role last month. Witty had been serving as a senior adviser since May when Stephen Hemsley returned to the CEO position. UnitedHealth Group disclosed in a regulatory filing that a board committee canceled performance-based restricted stock units granted to Witty, with his agreement linked to his retirement. UnitedHealth's recent financial challenges include unexpected costs in its Medicare Advantage segment and issues within its Optum Health clinic network, impacting overall company performance and stock valuation. Stephen Hemsley, upon his return as CEO, apologized to shareholders and announced plans for external reviews of the company’s risk adjustment methodologies, managed care policies, and pharmacy services. These reviews are part of ongoing audit compliance efforts aimed at transparency and maintaining regulatory confidence. UnitedHealth operates the largest health insurer in the U.S., UnitedHealthcare, and the health services provider Optum, both sectors integral to ongoing adaptation amid regulatory scrutiny and financial pressures.