Molina Healthcare, which fired its two top executives earlier this year over poor financial performance, has named Joseph M. Zubretsky as the company's new president and CEO.
Zubretsky, 60, will take over leadership of the California-based company and will be become a member of the board of directors effective Nov. 6.
Zubretsky most recently served as president and CEO for The Hanover Insurance Group.
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He succeeds interim CEO Joseph W. White, who will remain Molina's CFO.
In May, the Molina Healthcare Board of Directors fired CEO J. Mario Molina, MD, and his brother and CFO John C. Molina due to the company's disappointing financial results. Molina Healthcare was active in the Affordable Care Act market, with the former CEO an outspoken opponent of the Republican plan to repeal and replace the ACA.
"Joe is the right CEO to lead Molina during this transformative period," said Dale B. Wolf, chairman of the Molina Healthcare Board of Directors. "He has a track record of strong leadership across multiple businesses, both inside and outside managed care, and has first-hand experience in leading restructuring efforts at previous organizations. We are confident that, under Joe's leadership, Molina is well-positioned to realize the benefits of our transformation, build on the company's strengths, drive operational excellence, and increase shareholder value."
Zubretsky has more than 35 years of experience in the insurance and financial services industries, Molina said. He also served for nine years at Aetna, where he most recently was CEO of Healthagen Holdings, a group of healthcare services and information technology companies.
Molina Healthcare has health plans operating in 12 states and in Puerto Rico. C. David Molina founded the company in 1980 to serve low-income families in Southern California.