UnitedHealth said Tuesday that Stephen J. Hemsley would take over as chief executive, effective immediately, as it suspended its 2025 outlook. Shares dropped 11% to $337.77 in premarket trading, taking shares of other big health insurers down with it.

UnitedHealth Group CEO Andrew Witty is stepping down from his post for personal reasons and the healthcare giant says it’s suspending its full-year forecast due to higher-than-expected medical costs.

UnitedHealth CEO Andrew Witty is stepping down for personal reasons and the nation's largest health insurer suspended its full-year financial outlook due to higher-than-expected medical costs. Video above: Luigi Mangione indicted in UnitedHealth CEO Brian Thompson death UnitedHealth cut its 2025 forecast last month following its first quarterly earnings miss in more than a decade.