00:00Now, what can you tell us about the man stepping into the spot and also what he will be given in the new pay package?
00:08Yeah. So Stephen Hemsley is a familiar face. He was a former CEO, ran the company from about 2006 to 2017, then was chair, executive chair after that.
00:21So he's really never left the company. He's always been in a leadership role. And he's stepping in after UnitedHealth missed their earnings last quarter,
00:33cut their guidance, and then now withdraws to their guidance entirely. So the board is turning to him to right the ship.
00:41It's interesting because you're seeing him come in, of course, at a very tough time for the company. What are some of the challenges he's going to face?
00:49Yeah. I mean, in terms of the financial challenges, the company is seeing unexpected medical costs.
00:58They've said that costs are increasing sort of beyond what they were planning for, and they were already planning for elevated costs.
01:06What's interesting is they said that in their first quarter earnings report about a month ago.
01:10And in the weeks since, they've gotten data that shows it's even worse than they expected, which prompted them to pull the guidance entirely.
01:21So that's on the financial side. Obviously, it's a company that's also, you know, listen, a top executive was murdered in December.
01:29You know, lots of pressure, public backlash to some of their practices that followed that, lots of pressure in Washington.
01:35So there are, you know, a number of challenges that anyone stepping into the seat would face.
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