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UPDATE 2-UnitedHealth CEO Hemsley to step down, Wichmann succeeds

UPDATE 2-UnitedHealth CEO Hemsley to step down, Wichmann succeeds
From Reuters - August 16, 2017

(Reuters) - UnitedHealth Group Inc's (UNH.N) Stephen Hemsley is stepping down after more than a decade as chief executive and will be succeeded by company veteran David Wichmann, the largest U.S. health insurer said on Wednesday.

Under 65-year-old Hemsley, UnitedHealth became one of the biggest sellers of insurance plans on the exchanges created as part of former President Barack Obama's national healthcare law.

However, mounting losses from the programme prompted the company to largely exit from Obamacare plans in 2017.

Hemsley, who took over as CEO in 2006, will now take on the newly created role of executive chairman. Wichmann, 54, has spent nearly 20 years with the company and has formerly served as its chief financial officer.

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