Behind The Scenes Of Molina’s ‘Palace Coup’
J. Mario Molina and John Molina were recently ousted from the company their father founded. The Wall Street Journal offers a look at what happened.
The Wall Street Journal:
How The Molina Brothers Got Bounced From The Family Health-Care Firm
On May 2, J. Mario Molina walked into the boardroom of Molina Healthcare Inc., the company founded by his father, which he had run for more than two decades, ready for a routine meeting. The first shock came quickly. A board member made a motion to remove Dr. Molina as chairman. The rest of the board, except Dr. Molina and his brother, John Molina, agreed, and the vote passed. They weren’t finished. Next came a motion to fire Dr. Molina as CEO of the health insurer, one of the country’s biggest players on the ACA marketplaces. And then, to dump John Molina as CFO. Both motions carried, with only the Molinas opposed. (Wilde Mathews, 5/31)