Drop in Earnings Sparks Shake-Up in Executive Leadership at Health Net
On Tuesday, the board of directors for Los Angeles-based Health Net announced changes in the responsibilities of senior executives after announcing lower-than-anticipated earnings for the third quarter, San Francisco Business Times reports.
Health Net's third-quarter profit was 17 cents per share, down from 93 cents per share during the same quarter in 2007.
The board instructed president and CEO Jay Gellert to focus on company strategy and charged Chief Operating Officer James Woys with all operational issues.Health Net has about 6.7 million members (Rauber, San Francisco Business Times, 11/4). This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.