UnitedHealth Group announced on Tuesday, May 13, that CEO Andrew Witty has resigned, citing “personal reasons.” His exit comes amid growing challenges for the company, including rising medical costs and disappointing financial results. Stephen Hemsley, 72, the former CEO and current chairman, will step in as interim leader. Hemsley, who led UnitedHealth from 1997 to 2017, is expected to stabilize operations as the company navigates a difficult period.
Witty’s resignation follows UnitedHealth’s first earnings miss since the 2008 financial crisis, a significant departure from its previously strong performance on Wall Street. His time at the helm was also marked by a major cyberattack that compromised the data of 190 million people, as well as scrutiny over the company’s Medicare billing practices. Additionally, the tragic December murder of Brian Thompson, CEO of UnitedHealth’s insurance division, cast a shadow over the company just before a major investor conference. Despite these setbacks, UnitedHealth remains optimistic about returning to growth by 2026. “Many of the issues standing in the way of achieving our goals are largely within our control,” Hemsley stated in a call with investors.
What Is Andrew Witty’s Net Worth?
Andrew Witty, the former CEO of UnitedHealth Group, earned approximately $25 million in total compensation in 2023. His pay package included a $1.5 million base salary, $1.8 million in non-equity incentive compensation, $233,852 in other benefits, and $21.5 million in stock awards. According to Reuters, his total compensation rose to $26.3 million in 2024, which included $150,951 for executive security services following the tragic death of Brian Thompson. Witty’s estimated net worth is approximately $66.3 million, based on his disclosed holdings in companies like UnitedHealth Group and G1 Therapeutics, Inc., according to Benzinga.
Who is Andrew Witty?
Sir Andrew Philip Witty, born August 22, 1964, is a highly accomplished business leader. Prior to joining UnitedHealth Group, he served as CEO of GlaxoSmithKline (GSK) from 2008 to 2017, where he was known for advocating pharmaceutical pricing reforms in low-income countries and promoting collaborative drug discovery initiatives. Witty started his career at Glaxo UK in 1985 as a management trainee and quickly moved up the ranks, holding various international leadership roles, including economic adviser to the governor of Guangzhou, China. In 2003, he became President of Pharmaceuticals Europe at GSK and was named CEO five years later. In recognition of his contributions to the UK pharmaceutical industry, Witty was knighted in 2012. Beyond his corporate achievements, he has served as Chancellor of the University of Nottingham and was named an Honorary Citizen of Singapore in 2018.
“All insurance companies should be investigated!”
Netizens are now debating over the reasons behind his exit. A user noted, “Andrew Witty, CEO of United Health Group steps down for “personal reasons.” I bet it’s very personal bro. Like gotta go to Prison for crimes personal.” Another stated, “All insurance companies should be investigated! Health, home, auto…etc.” “Agree taken off the board!,” commented another. Echoing the sentiment, a user claimed, “Good. They are all corrupt and part of the problem.” Not a chance he’s going to prison. He’s afraid of getting muffed like his UHC predecessor,” added a user. Another explained, “Andrew Witty is concerned about the focus on PBMs, because Andrew is in the useless middlemen business. The pharmaceutical companies overcharge for the drugs, but they also perform many vital services. PBMs, on the other hand, provide NO unique services and add to the costs.OptumRx is on track to record $140 billion in revenue for a service that we don’t need. We need to return the PBMs to their original role of claims processing only. In my opinion, UnitedHealth needs to be thoroughly investigated for Medicare Fraud and insider trading, and if found guilty, there needs to be severe penalties.”
