Dive Brief:
- Drew Asher, the current chief financial officer of Centene, will step down from his role on Dec. 31 before retiring at the end of 2027, the Minnesota-based company announced Monday.
- Chris Neczypor, the current CFO of Lincoln Financial, will become the new finance chief and work alongside Asher to support the transition until his retirement, the company said.
- Neczypor will join Centene next month and assume the CFO role on Jan. 1.
Dive Insight:
Neczypor joins Centene from the finance and insurance sectors, and has served in a variety of roles at Lincoln Financial, a provider of retirement services, life insurance and group protection benefits, since 2018. Prior to that, Neczypor spent a decade in various financial services roles, including as an equity research analyst at Goldman Sachs.
“Our organization will benefit from his expertise, energy and perspective as we deliver on Centene's next phase of transformation and growth,” CEO Sarah London said in a release.
He’ll replace Asher, who has served as CFO since 2021. The executive oversaw Centene through years of turbulence caused by rising medical costs. Although the insurer’s stock slipped to a decade-low price last year, Centene has steadily recovered since then, recording $1.1 billion in profit during the second quarter after a $253 million loss in the prior year.
"I am incredibly proud of how Centene navigated through unprecedented change while remaining disciplined in execution and focused on long-term value," Asher said in a statement.
It’s the latest change to the company’s executive leadership this year, after Centene created two new executive roles and announced several changes to its board of directors.
The company has managed to turn around historic drags to its business, including performance in the Affordable Care Act exchanges. Centene overhauled its ACA business to account for higher spending and turbulence in the exchanges, and its remaining members have proved more profitable this year.
Likewise, although its Medicaid membership slimmed, Centene has controlled medical costs, and executives have said states are increasing payment rates to better match member acuity.
