Molina Healthcare Inc. said Tuesday it has hired Hanover Insurance Group's chief executive to serve as its president and chief executive.
Joseph M. Zubretsky, 60 years old, is scheduled to join the health insurer on Nov. 6 and take the reins from Joseph W. White, who has held the post on a temporary basis after Molina's two leading executives were fired in May.
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"Joe is the right CEO to lead Molina during this transformative period," Board Chairman Dale B. Wolf said Tuesday in a statement, highlighting Mr. Zubretsky's restructuring experience.
Mr. White will stay on as chief financial officer, Molina said.
One of the largest marketplace insurers offering health plans on the Affordable Care Act's exchanges, California-based Molina is scaling back operations and laying off about 10% of its workers as part of push to cut annual expenses by $300 million to $400 million.
Under the terms of the contract, Mr. Zubretsky, a former Aetna Inc. executive, would be paid a $4 million signing bonus and $1.3 million in base salary. He won't be eligible for a performance bonus this year.
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(END) Dow Jones Newswires
October 10, 2017 19:08 ET (23:08 GMT)