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David Cordani has officially taken the helm of the health insurance company, replacing retiring CIGNA Chairman and CEO Ed Hanway.
CIGNA Corporation rang in the New Year with a new chief executive. David Cordani has officially taken the helm of the health insurance company, replacing retiring CIGNA Chairman and CEO Ed Hanway.
Cordani, 43, has been with the company 14 years. He became president of CIGNA HealthCare in 2005, and chief operating officer in 2008.
He takes the reins of the 200-year-old company that saw its stock price rise 98% in 2009 amid an uncertain economy as Congress debated the healthcare bill. He plans to maintain that type of growth by expanding in other countries.
"CIGNA's overall strategy for 2010 and beyond is focused on targeted global growth, an individual customer focus and improving health, well-being, and security for those we serve around the world," Cordani says.
CIGNA is already an international company with products and services including global expatriate benefits, global life, accident and health, and European health care. However, countries such as Indonesia and China, with their fast-growing middle classes, provide a ripe market for insurance coverage. Cordani also expects growth in the U.S. market for disability insurance and administrative services the company provides to companies.
CIGNA also named Isaiah “Ike” Harris as chairman of the company’s board of directors. Harris, 57, became a director at Cigna in 2005.
Less than a week after officially being named as CEO, Cordani named his executive leadership team for the company:
A search is under way for a leader who will be president of a new position over U.S. Commercial for CIGNA, including U.S. products, marketing, national accounts, middle-market, individual segment, select segment, seniors, CIGNA medical group, third-party arrangements, emerging markets, COLI and strategic alliances.