CIGNA's CFO Departs Unexpectedly

CIGNA Corporation CI has announced the immediate departure of its CFO, and plans to fill the spot with current Treasurer until a permanent replacement can be found, JP Morgan reports. The departing CFO had a brief tenure (15 months) and JP Morgan believes the change was driven partly by the outcome of the CEO succession planning already in the works, as current CEO Cordani is configuring an executive team that fits his vision for the company and overall operating style. CIGNA is expected to reiterate its guidance, and states that the departure of its CFO has nothing to do with ethical or compliance issues, according to JP Morgan. JP Morgan maintains its Overweight rating for CIGNA Corporation, which closed yesterday at $33.57.