UnitedHealth Group, Inc., announced Wednesday that G. Mike Mikan-CEO of its Optum subsidiary and former chief financial officer (CFO) of UnitedHealth Group-is leaving the company to lead a private equity fund.
In January, Mikan left his position as UnitedHealth Group's CFO to become CEO of Optum. Larry C. Renfro will replace Mikan as CEO of the $27 billion subsidiary, which includes the OptumInsight, OptumHealth, and OptumRx business units and employs more than 30,000 people worldwide.
Renfro joined UnitedHealth Group in January 2009. Since then, he has served as CEO of the public and senior markets group and worked in UnitedHealth Group President and CEO Stephen J. Hemsley's office, coordinating projects in new areas of growth and development.
Prior to joining UnitedHealth Group, Renfro was a senior executive officer at Fidelity Investments and a member of the Fidelity executive committee, overseeing several of Fidelity's non-investment business units.
He also served as president and CEO of AARP Services, Inc., and previously held senior executive leadership positions at NewRiver, Inc., State Street Bank & Trust, and Allmerica Financial.
"Larry's skills, depth, and broad range of experience will help ensure that Optum continues its focus on customers and execution, growth, and development." Hemsley said in a statement. "He brings to Optum a deep experience in health care blended with a background of leadership in technology-driven, financial, seniors, and other services businesses."
Mikan joined UnitedHealth Group in 1998 and has held a variety of leadership positions over the years-including CFO of the UnitedHealthcare subsidiary, senior vice president of finance of UnitedHealth Group, and CFO of UnitedHealth Group.
UnitedHealth Group did not disclose the name of the private equity fund that Mikan will be leading.
Last month, UnitedHealth Group announced that it closed on its acquisition of the former headquarters of ADC Telecommunications, Inc.-a 450,000-square-foot complex in Eden Prairie that will serve as the new home base for its Optum subsidiary.
Minnetonka-based UnitedHealth Group is Minnesota's largest public company based on its revenue, which totaled $94.2 billion in 2010. With more than 11,500 employees in the state, it's also among Minnesota's 15-largest employers.