Cigna Promotes Company Veteran to CFO Role

By Nina Trentmann 

Cigna Corp. promoted a company veteran to chief finance officer, part of a wider management reshuffle at the health-care services company.

Bloomfield, Conn.-based Cigna, which provides a range of health insurance and benefits programs, on Thursday said it named Brian Evanko, currently president of its government business, as its executive vice president and new finance chief, effective Jan. 1. Mr. Evanko joined Cigna in 1998 and has held various leadership and finance roles during his 22-year career, the company said.

Cigna's current CFO Eric Palmer, who has held the role since June 2017, will become president and chief operating officer of Evernorth, a Cigna subsidiary that offers benefit management, care and pharmacy services and was launched in September. Mr. Palmer also joined Cigna in 1998.

The management changes are aimed at accelerating growth at the company's main brands, Cigna said. Revenue for the nine months ended Sept. 30 was $118.7 billion, up from $115.3 billion in the prior-year period. Net income was $4.3 billion as of Sept. 30, compared with $4.1 billion the year before.

Health-care services companies have been consolidating in recent years following tie-ups between major players, including CVS Health Corp.'s takeover of Aetna Inc. and Cigna's $54 billion acquisition of Express Scripts Holding Co., which closed in December 2018.

However, not all merger or takeover agreements gained regulatory approval. Cigna's plan to combine with Anthem Inc. collapsed in 2017. The ensuing litigation led to a judge in August deciding that Cigna and Anthem won't have to pay damages to one another.

The company on Thursday filled additional roles with company insiders, including leadership roles for strategy and business development, government and solutions, and president of its Medicare and Express Scripts businesses.

"The depth and breadth of our leadership team are a key strength of our organization," Chief Executive Officer David Cordani said in a release.

Cigna didn't immediately respond to a request for additional comment.

--Dave Sebastian contributed to this article.

Write to Nina Trentmann at [e-mail]

(END) Dow Jones Newswires

December 10, 2020 13:51 ET (18:51 GMT)

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