Longtime Cigna CEO David Cordani will retire this summer, the company announced Tuesday morning.
Cordani will leave the CEO chair on July 1 and step into the role of executive chair of the company's board of directors. Cigna's Chief Operating Officer Brian Evanko has been tapped as his successor.
Evanko spent multiple decades with the company, holding leadership positions at Cigna Healthcare as well as serving as CFO. As COO, he oversees key business priorities across both the insurance division and Evernorth Health Services.
The pair will collaborate closely through the transition period until July 1, and as part of the shift, Evanko has been elected to the company's board of directors.
"Brian is an exceptional leader and the right person to guide The Cigna Group into its next chapter," Cordani said in the press release.
"The status quo in healthcare today is unsustainable. By leading from the front and making meaningful changes, we have delivered sustained impact for customers and strengthened the company strategically, operationally and financially," Cordani continued. "Now is the right time to transition leadership to build on our progress and carry our momentum forward."
Cordani has helmed Cigna since June 2009 and over nearly 17 years, has seen the company grow significantly. He played a key role in steering the company's acquisition of pharmacy benefit management giant Express Scripts, which closed in 2018, and led to the formation of the Evernorth unit, a major growth engine.
He said in the release that leading the company "has been the privilege of a lifetime."
Evanko noted in the release that he and Cordani have collaborated for many years, and thanked the veteran CEO for his mentorship in that time.
"Over my nearly 30 years with the company, I have seen firsthand the strength of our businesses, the talent of our team and our deep commitment to serving customers and clients," Evanko said. "I am excited to build on our strong foundation as we work to further modernize health care, expand our reach and fuel growth."
Cigna's shares fell on the news and were down by 5.65% at 11 a.m. ET.