Anthem Inc. has named the former chief executive of UnitedHealth Group Inc.'s insurance business, Gail Boudreaux, its new president and chief executive officer.
Ms. Boudreaux's appointment takes effect Nov. 20.
The company's current CEO, Joseph Swedish, will stay on as executive chairman of the board until May. He will then work as a senior adviser through May 2020, the company said Monday. In that role, he will be paid $4.5 million annually.
Ms. Boudreaux will receive a base salary of $1.4 million, a possible performance-based bonus of $2.45 million and long-term incentive awards of $10.25 million, in addition to stock, according to a filing with the Securities and Exchange Commission.
The Wall Street Journal first reported Mr. Swedish's plans to step down Friday.
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(END) Dow Jones Newswires
November 06, 2017 07:02 ET (12:02 GMT)