Andrew Witty stepped down from leading UnitedHealth for unspecified “personal reasons,” the company said. Stephen J. Hemsley, who served as chief executive from 2006 to 2017, will return to the role and remain board chairman. Witty will serve as a senior adviser to Hemsley, the company said in a news release. UnitedHealth has been the focus of sharp criticism over the health insurance industry's practices and has seen its stock plummet in the past year. The Justice Department has investigated its business activities. UnitedHealth's shares fell about 15% Tuesday. The stock, which is part of the 30-company Dow Jones Industrial Average, is trading around $321 a share, well off its recent high of $630.73 in November.

UnitedHealth CEO Andrew Witty is stepping down for personal reasons and the nation’s largest health insurer suspended its full-year financial outlook due to higher-than-expected medical costs. Chairman Stephen Hemsley will become CEO, effective immediately, the Minnesota company said. Hemsley was UnitedHealth Group CEO from 2006 to 2017. He will remain chairman of the company’s board. Witty will serve as a senior adviser to Hemsley. It has been a punishing period for UnitedHealth, starting in December when executive Brian Thompson was targeted outside of a New York City hotel and killed. While unrelated to the financial operations of the $340 billion healthcare giant, its shares have tumbled severely since the attack. “I’m deeply disappointed in and apologize for the performance setbacks we have encountered from both external and internal challenges,” Hemsley said during an early Tuesday conference call.

UnitedHealth Group said Chief Executive Andrew Witty stepped down for “personal reasons” after presiding over a punishing period for the company, including a steep drop in its shares after its quarterly earnings last month fell significantly short of investors’ expectations. Effectively immediately, Chairman Stephen Hemsley will return to running the healthcare giant he helped build. The earnings miss pushed UnitedHealth shares down by more than a third, resulting in the loss of about $190 billion in market capitalization.

International Business News: UnitedHealth Group’s CEO Andrew Witty resigned due to personal reasons amidst financial challenges, prompting Stephen Hemsley to return as CEO. The co

Andrew Witty, who led UnitedHealth since 2021, is stepping down for “personal reasons,” company says. Former CEO and current chairman Stephen Hemsley is stepping back into the top job. The move comes at a time of escalating crises for the healthcare giant. UnitedHealth shares have fallen more than 35% since early this year.