Hemsley, who is now 65, will become UnitedHealth’s executive chairman.
Richard Burke, the current chairman, will stay on the Minnetonka, Minnesota-based health insurer’s board as an independent director.
The UnitedHealth said in a statement about the changes that they will help ensure continuity as the company continues to grow and evolve.
Hemsley said in a statement of his own that, “This is the right time for this transition to take place.”
“The company is performing strongly and has a positive outlook for the foreseeable future, and Dave Wichmann is the right choice to succeed as CEO for that future,” Hemsley said.
UnitedHealth is one of the biggest health insurers and health care services providers in the United States. The company reported $2.4 billion in net income for the second quarter on $50 billion in revenue. It ended the quarter providing or administering major medical coverage for 49.5 million.
Hemsley began working for the company, as an executive vice president, in 1997. Before that, he was managing partner and chief financial officer at Arthur Andersen, an accounting and consulting firm.
(Image: Centers for Medicare and Medicaid Services)