UnitedHealth Group has appointed Wayne S. DeVeydt as its chief financial officer, effective Sept. 2.
DeVeydt, 55, replaces John F. Rex, who has been CFO since 2016. Rex will become strategic advisor to CEO Stephen Hemsley when DeVeydt takes over as CFO.
DeVeydt is the former CFO of Anthem, now Elevance, serving in that capacity from 2007 to 2016.
Most recently he was managing director and operating partner at Bain Capital, working with client leaders on operational improvement and growth acceleration, according to UnitedHealth. From 2018-2020, he was chairman and CEO of Surgery Partners in Nashville, Tennessee, expanding the operational scale and financial performance of the surgical services firm.
Prior to joining Anthem, DeVeydt served as a partner with PricewaterhouseCoopers, with a focus on the healthcare sector.
“Wayne DeVeydt combines deep financial acumen and operating experience with the mission-oriented and compassionate approach to healthcare that is a perfect fit for UnitedHealth Group,” said Hemsley, who also serves as chairman of UnitedHealth Group. “John Rex has been an exceptional leader, having helped guide our company through substantial change with both strategic vision and strong commitment to our mission. I look forward to his continued insights as UnitedHealth Group moves forward.”
Rex, 63, joined UnitedHealth Group in 2012 and became CFO of the company’s then newly established Optum business.
“There is no organization besides UnitedHealth Group that presents the kinds of opportunities to make a difference in healthcare, from individual patient care to broad system efficiency, so I am eagerly looking forward to joining the team,” said DeVeydt. “I’ve been fortunate to know John Rex for over two decades and am honored to follow a leader of his caliber.”
The move comes months after former CEO Andrew Witty resigned after suspending the company’s 2025 outlook amid a poor Q1 financial performance. He was replaced by Hemsley, who served as CEO from 2006-2017.
Q2 earnings released last week also showed revenue and adjusted earnings below projections due to a significant rise in its medical costs.
The stock has fallen about 54% in the last six months, according to Seeking Alpha.
Email the writer: SMorse@himss.org