Now, Stephen Hemsley will serve as the company’s CEO and chairman of the board of directors.
Meanwhile, Witty will serve as a senior adviser to Hemsley, the company said.
“We are grateful for Andrew’s stewardship of UnitedHealth Group, especially during some of the most challenging times any company has ever faced,” Hemsley said in the statement.
“The Board and I have greatly valued his leadership and compassion as chief executive and as a director and wish him and his family the best.”
Although Witty is stepping down, UnitedHealth still “has tremendous opportunities to grow as we continue to help improve health care and to perform to our potential—and, in so doing, return to our long-term growth objective of 13 to 16 percent,” he added.
Witty also released a statement saying that being the CEO of the largest health insurance company in the United States “has been a tremendous honor as they work every day to improve the health system.”
“They will continue to inspire me,” he said.
The company drew headlines last year when the CEO of its subsidiary UnitedHealthcare, Brian Thompson, was shot and killed in Manhattan while he was on his way to a conference. Days later, a suspect in the case, Luigi Mangione, was arrested in Altoona, Pennsylvania, after an intensive manhunt.
Mangione faces first-degree murder, criminal possession of a weapon, murder in furtherance of terrorism, and stalking charges. Federal prosecutors are seeking the death penalty in the case.
Prosecutors suggested that Mangione shouldn’t be lionized as the murder suspect has been celebrated by some online, connected to some negative opinions about the U.S. health care and insurance industries.
Mangione separately faces state charges in New York and Pennsylvania in connection with the December 2024 shooting in New York City. He has pleaded not guilty in both the state and federal cases. His attorneys have also said in court papers that he shouldn’t face the death penalty.
In an investor call on Tuesday, UnitedHealth officials said the company reported seeing more demand for medical care from new members and people with complex conditions, which was increasing costs.
But UnitedHealth also said it expected to return to growth in 2026. Over the past 12 months, the stock has lost more than 25 percent of its value.
“Many of the issues standing in the way of achieving our goals, as well as our opportunities, are largely within our control,” Hemsley told investors on the call.
Meanwhile, the U.S. health insurance industry has faced increased costs since mid-2023 due to a surge in demand for health care services under government-backed Medicare plans for older adults or individuals with disabilities.
