UnitedHealth Group, the nation’s largest health insurance company, said president and chief operating officer Dirk McMahon “notified the company of his decision to retire, effective April 1.”
McMahon, who is 64 years old, has been with UnitedHealth for more than two decades and been a key part of the growth story of both the company’s health insurance business, UnitedHealthcare, and its fast-growing medical care provider business, Optum.
McMahon is an integral part of UnitedHealth’s three-man “office of the CEO” that includes chief executive officer Andrew Witty and John Rex, executive vice President and chief financial officer. A replacement for McMahon has not been named.
“After more than 20 years of dedicated and distinguished service, Mr. McMahon helped the people of UnitedHealthcare and Optum consistently deliver strong, market-leading growth and performance, while continuing to build the consumer, clinical and technological capabilities the organization needs to deliver on its mission and bring value-based care to millions more people across the health system,” UnitedHealth said in a document filed Wednesday afternoon with the U.S. Securities and Exchange Commission. “As a result of Mr. McMahon’s successful tenure with the Company, he has met the definition of retirement set forth in his previously granted equity awards, which will continue to vest in accordance with their terms, similar to equity awards granted to other employees.”
UnitedHealth Group reported $22 billion in 2023 profits including $5.5 billion in the fourth quarter as its portfolio of health insurance and provider services under the Optum umbrella grew by double-digit percentages.