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Fired Molina CFO John Molina steps down from Board of Directors

Both Molina brothers had retained positions on the system's board of directors following a management shakeup last year.

Beth Jones Sanborn, Managing Editor

John Molina, the former CFO for Molina Healthcare, has stepped down from the Molina Healthcare Board of Directors.

"We are grateful for John Molina's contributions to the company and wish him the best as he pursues other endeavors," said Dale Wolf, chairman of the Molina Healthcare Board of Directors.

[Also: Molina Healthcare sues New Mexico, alleging unfair Medicaid bidding process]

Molina, who served as chief financial officer of the company founded by his physician father C. David Molina, was fired in May of last year. The company cited poor financial performance for the termination, along with that of the firing of his brother J. Mario Molina, then CEO. The brothers had led the company for two decades.

Molina's losses were attributed to a poor financial results from its products in the Affordable Care Act

[Also: Molina hires new CEO to replace fired J. Mario Molina]

In October Molina hired Joseph Zubretsky as the company's new president and CEO. Interim CEO Joseph White remained as Molina's CFO.

Both brothers retained director positions on the system's board following the changes in leadership. John had served as a member of the Board of Directors since 1994 and had also at one point served as treasurer. 

The Fortune 500 company provides managed health care services under the Medicaid and Medicare programs and through state insurance marketplaces. The plans operate in 13 states and Puerto Rico, serving roughly 4.5 million members.

Twitter: @BethJSanborn
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