Mark T. Bertolini (born 1956) is an American businessman who is currently the CEO of Oscar Health, a tech-driven health insurance company located in New York. He was the co-CEO of Bridgewater Associates, one of the world's largest hedge funds, and was previously the CEO of Aetna, a Fortune 50 diversified health care benefits company with over $60 billion in 2015 revenue. Bertolini assumed the role of CEO on November 29, 2010 and of chairman on April 8, 2011, until Aetna was sold to CVS on November 28, 2018.
Mark Bertolini | |
|---|---|
.jpg) Bertolini in March 2012 | |
| Born | June 7, 1956 Detroit, Michigan, U.S. |
| Education | Wayne State University (BA) Cornell University (MBA) |
Early life and education
editBertolini was born in Detroit, in 1956.[1] He completed his undergraduate studies at Wayne State University in Detroit, Michigan, and earned an MBA from Cornell University's Samuel Curtis Johnson Graduate School of Management.[2]
Career
editBertolini held executive positions at Cigna, NYLCare Health Plans, and SelectCare before joining Aetna in 2003. He became CEO of Aetna on November 29, 2010, and chairman on April 8, 2011.[2] As chairman, president and CEO of Hartford, Conn.-based Aetna, Bertolini oversaw a health insurer with more than $35.5 billion in revenue, according to 2012 figures.[3]
He served on the Board of Directors for the U.S.-China Business Council and on the Board of Directors for FIDELCO; an organization that trains, breeds and provides guide dogs for the visually impaired. In addition, Bertolini was on the Board of Directors for The Hole in the Wall Gang Camp, an organization that focuses on serving children with serious illnesses including cancer.[4]
Bertolini received a total compensation of $10.6 million in 2011 and $13.2 million in 2012 despite a cut of bonuses from $2 million to $892,000 for failing to meet financial performance goals.[5][failed verification] In 2013, Bertolini received $30.7 million in compensation.[6]
Bertolini in April 2016 described Aetna's participation in ACA individual exchanges as "a good investment" despite initial losses, emphasizing the long-term possibilities.[citation needed] By July 5, 2016 he wrote to the DOJ that Aetna would, instead of expanding into 20 states, reduce its participation from 15 to ten states if its merger with Humana were challenged by the DOJ. After that challenge occurred, Aetna reduced its participation in ObamaCare individual exchanges to four states, citing its inability to sustain the losses it incurred in those markets. Among the states Aetna abandoned was Pennsylvania where it ran a profit in 2014 and 2015 and projected a record profit for 2017.[citation needed] Bertolini said in an August 2 conference to financial analysts that the decision to withdraw from the exchanges was "a separate conversation" from the Humana merger lawsuit.[7] In January 2017, the merger was blocked by a federal judge.[8] Bertolini retired as the CEO of Aetna, after the company was acquired by CVS Health in November 2018. [9]
Bertolini assumed the role of CEO for Oscar Health on April 3, 2023 [1]
In 2023, Bertolini's total compensation at Oscar Health was $44.5 million, representing a CEO-to-median worker pay ratio of 455-to-1.[10]
Personal life
editIn 2004, Bertolini was involved in a severe ski accident, which left him disabled for a year, prompting him to investigate alternative healing methods such as acupuncture and yoga and other treatment modalities that Aetna would not cover.[11][12][13]
References
edit- ^ "Mark T. Bertolini profile". Forbes. 2011. Archived from the original on October 7, 2008. Retrieved 20 March 2012.
- ^ a b "Executive bio". Aetna. Archived from the original on 21 March 2012. Retrieved 20 March 2012.
- ^ "50 of the Most Powerful People in Healthcare". www.beckershospitalreview.com. 7 January 2014.
- ^ Executive Biographies: Mark Bertolini; Aetna Inc.; 2001-2014
- ^ Strauss, Gary (8 April 2013). "Aetna CEO latest health exec with big payday". USA Today.
- ^ "Health Insurance CEO Pay Sky-Rockets in 2013". CNBC. 5 May 2014. Archived from the original on May 12, 2014.
- ^ Hiltzik, Michael (17 August 2016). "Smoking gun? Aetna threatened to quit Obamacare if the government blocked its Humana merger". Los Angeles Times.
- ^ "Judge blocks major health insurance merger". POLITICO. Retrieved 2017-01-23.
- ^ Gosselin, Kenneth R. (9 July 2019). "Hartford in the rearview mirror? Former Aetna CEO Mark Bertolini puts West Hartford home up for sale". courant.com. Retrieved 2021-02-02.
- ^ "Equilar 100: CEO Pay at the Largest Companies by Revenue". Equilar. 2024-06-07. Archived from the original on 2024-08-15. Retrieved 2024-08-31.
- ^ Little, Katie (19 March 2013). "Severe Ski Accident Spurs Aetna CEO to Bring Yoga to Work". CNBC.
- ^ "Aetna CEO and 30-Year-Old Bond Over Staggering Cancer Bills". news.yahoo.com.
- ^ Machan, Dyan. "The Health-Care Reformer". www.barrons.com.