Why Humana Stock Is Falling During Wednesday's Session

Humana Inc HUM shares are trading lower by 2.7% to $487.12 Wednesday afternoon after the company announced CEO Bruce Broussard will step down in the second half of 2024.

The company has appointed Jim Rechtin as President and COO, effective January 8, 2024, as part of a CEO transition plan. Rechtin will eventually take over as CEO, with the current CEO, Bruce Broussard, remaining as a strategic advisor until 2025.

Humana says Rechtin, a healthcare industry veteran, brings substantial experience, having served as President and CEO of Envision Healthcare. This move aims to support Humana's growth and integrated care strategy.

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Meanwhile under Broussard's leadership, Humana says the company has expanded from an insurer to a broader healthcare company, notably growing its Medicare Advantage membership and enhancing healthcare delivery services.

According to data from Benzinga Pro, Humana has a 52-week high of $571.30 and a 52-week low of $423.29.