Witty will succeed present Optum CEO Larry Renfro, who will lead the insurer’s newly expanded enterprise capital arm Optum Ventures as managing director, UnitedHealth introduced Tuesday. Witty has served as a member of the UnitedHealth board of administrators since August 2017, and can step down instantly in gentle of his new function.
Witty was CEO of London-based pharmaceutical big GSK from 2008 to 2017, the place he led the drugmaker to shift its focus away from prescription drugs and towards client healthcare and vaccines.
Renfro, in the meantime, has been Optum’s CEO since 2011. Optum is the fastest-growing unit of UnitedHealth, recording $91.2 billion in income in 2017. UnitedHealth’s income totaled $201.2 billion final 12 months.
“I’m extremely proud of the immense progress made in advancing healthcare and this enterprise by the people of Optum over the last seven years, and believe strongly Andrew Witty is the right person to lead our well-established, high-performing team, as Optum pursues its next chapter of consistent growth and health system improvement,” Renfro mentioned in an announcement.
Renfro will oversee UnitedHealth’s Optum Ventures, a VC fund centered on investing in startups that enhance healthcare supply and fee methods and improve shoppers’ entry to care. Unveiled in November, the fund made preliminary investments in 4 U.S. startups, together with information and analytics platforms and synthetic intelligence firms.
On Tuesday, UnitedHealth mentioned it has expanded Optum Ventures to incorporate a $100 million world fund to spend money on rising and superior expertise, information analytics and healthcare companies internationally. In all, the unit has whole funding commitments of as much as $600 million, in response to UnitedHealth.
Shelby Livingston is an insurance coverage reporter. Before becoming a member of Modern Healthcare in 2016, she coated worker advantages at Business Insurance journal. She has a grasp’s diploma in journalism from Northwestern University’s Medill School of Journalism and a bachelor’s in English from Clemson University.