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CIGNA CORPORATION

(CI)
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Cigna Promotes Company Veteran to CFO Role

12/10/2020 | 01:52pm EDT

By Nina Trentmann

Cigna Corp. promoted a company veteran to chief finance officer, part of a wider management reshuffle at the health-care services company.

Bloomfield, Conn.-based Cigna, which provides a range of health insurance and benefits programs, on Thursday said it named Brian Evanko, currently president of its government business, as its executive vice president and new finance chief, effective Jan. 1. Mr. Evanko joined Cigna in 1998 and has held various leadership and finance roles during his 22-year career, the company said.

Cigna's current CFO Eric Palmer, who has held the role since June 2017, will become president and chief operating officer of Evernorth, a Cigna subsidiary that offers benefit management, care and pharmacy services and was launched in September. Mr. Palmer also joined Cigna in 1998.

The management changes are aimed at accelerating growth at the company's main brands, Cigna said. Revenue for the nine months ended Sept. 30 was $118.7 billion, up from $115.3 billion in the prior-year period. Net income was $4.3 billion as of Sept. 30, compared with $4.1 billion the year before.

Health-care services companies have been consolidating in recent years following tie-ups between major players, including CVS Health Corp.'s takeover of Aetna Inc. and Cigna's $54 billion acquisition of Express Scripts Holding Co., which closed in December 2018.

However, not all merger or takeover agreements gained regulatory approval. Cigna's plan to combine with Anthem Inc. collapsed in 2017. The ensuing litigation led to a judge in August deciding that Cigna and Anthem won't have to pay damages to one another.

The company on Thursday filled additional roles with company insiders, including leadership roles for strategy and business development, government and solutions, and president of its Medicare and Express Scripts businesses.

"The depth and breadth of our leadership team are a key strength of our organization," Chief Executive Officer David Cordani said in a release.

Cigna didn't immediately respond to a request for additional comment.

--Dave Sebastian contributed to this article.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

(END) Dow Jones Newswires

12-10-20 1351ET

Stocks mentioned in the article
ChangeLast1st jan.
ANTHEM, INC. 0.68% 433.34 Delayed Quote.34.05%
CIGNA CORPORATION 0.08% 216.4 Delayed Quote.3.87%
CVS HEALTH CORPORATION 0.76% 87.52 Delayed Quote.28.14%
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Analyst Recommendations on CIGNA CORPORATION
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Financials (USD)
Sales 2021 171 B - -
Net income 2021 5 356 M - -
Net Debt 2021 27 016 M - -
P/E ratio 2021 13,9x
Yield 2021 1,85%
Capitalization 73 599 M 73 599 M -
EV / Sales 2021 0,59x
EV / Sales 2022 0,54x
Nbr of Employees 72 963
Free-Float 85,4%
Chart CIGNA CORPORATION
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Technical analysis trends CIGNA CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 216,40 $
Average target price 260,50 $
Spread / Average Target 20,4%
EPS Revisions
Managers and Directors
David Michael Cordani President, Chief Executive Officer & Director
Brian C. Evanko Chief Financial Officer & Executive Vice President
Isaiah Harris Independent Chairman
Steven B. Miller Chief Clinical Officer & Executive Vice President
Noelle K. Eder Global Chief Information Officer & Executive VP
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