Health Net's board of directors has realigned and sharpened the focus of each individual executive's duties in response to the company's poor earnings for Q3. Health Net posted disappointing profit of 17 cents a share, compared to 93 cents a share for the same period last year. Earnings for the year are also expected to fall sharply. Earnings per share have fallen 72 percent so far this year.
The board has taken an extraordinarily hands-on role in an effort to help remedy the company's problems, directing Jay Gellert--CEO and president--to "focus on the company's strategy, with particular emphasis on how best to deploy the company's assets in the current competitive and economic environment." COO James Woys is now in charge of all operational and administrative matters of the company and Health Net's Government and Specialty Division.
To learn more about this management shake up:
- read this Los Angeles Business Journal story