Blue Shield of California President and CEO Bruce Bodaken on Wednesday said he will retire at the end of the year. The nonprofit health insurer named Chief Operating Officer Paul Markovich as Bodaken's successor.
Bodaken, who joined Blue Shield in 1994 and became its CEO in 2000, said he wanted to retire this year so Markovich can adequately prepare the company for the myriad changes coming under the health reform law. "I have a philosophy that CEOs shouldn't be in the job for more than 10 to 15 years, and this is my 13th year," Bodaken told the San Francisco Business Journal.
During Bodaken's tenure, Blue Shield doubled enrollment and tripled revenues and is now one of California's most dominant health insurers with 3.3 million members and 4,800 employees, the San Francisco Business Journal noted.
Markovich will become president and member of the board in June and will assume the CEO position in January, according to the Sacramento Business Journal. Since joining Blue Shield 14 years ago, Markovich has served in such senior roles as executive vice president. He previously was a management consultant for Booz Allen and Hamilton in New York, the Los Angeles Times reported.
"I'm very proud of what the organization has accomplished over the last 18 years," Bodaken told the LA Times. "I am very gratified to see the progress that has been made on health reform, and we hope the Supreme Court will leave the law as is."