US: In wake of merger crash, Anthem CEO Joseph Swedish to step down

Joe Swedish, the chairman, President and CEO of Indianapolis-based Anthem, will be stepping down in his role as CEO of the company according to The Wall Street Journal.

The report says Swedish will be replaced as CEO by Gail Boudreaux, the former chief executive of UnitedHealth Group. The newspaper didn’t say when the transition would begin, but the plan is expected to be announced soon. Swedish could receive around US$26.5 million from Anthem upon his retirement.

Swedish became CEO of Anthem in 2013 after previous CEO Angela Braly was forced to leave the company as investors expressed their displeasure with how they felt she had been leading the company.

Anthem is the second-largest insurance provider in the United States. The company’s headquarters are on Monument Circle in Indianapolis.

Earlier this year, Anthem had planned a US$48 billion merger with Cigna until the deal was stopped by a federal judge who ruled that it would be a violation of antitrust laws. However, there were subsequent reports of disagreements between Swedish and Cigna’s CEO David Cordani over the terms of the merger. The two companies are engaged in an ongoing court battle seeking billions of dollars in damages since the merger was blocked.