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.
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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)