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UPDATE 1-Oscar Health names former Aetna head Mark Bertolini as CEO

Reuters
·1 min read

(Adds background, shares)

March 28 (Reuters) - Health insurer Oscar Health Inc said on Tuesday that Mark Bertolini, former chief of Aetna Inc, will take on the role of its CEO next month, sending its shares up about 24% before the bell.

Bertolini was previously the chief executive officer of health insurance giant Aetna Inc, which is now a part of CVS Health Corp.

The announcement by Alphabet-backed Oscar Health comes as it focuses to become a profitable insurance business.

Bertolini, who became Aetna's CEO in 2010, sold the health insurance company to CVS Health Corp in 2018 for nearly $70 billion.

He will succeed Mario Schlosser, who co-founded Oscar in 2012 with Joshua Kushner, and will now take the new title of president of technology and report to Bertolini. (Reporting by Sriparna Roy in Bengaluru; Editing by Shounak Dasgupta)