NU Online News Service, May 31, 12:05 p.m. – CIGNA Corp., Philadelphia, is replacing the president of its CIGNA HealthCare unit, which provides or administers major medical coverage for 14 million U.S. residents.
Patrick Welch, previously chairman of National Life Insurance Company, Montpelier, Vt., will be succeeding William Pastore.
Pastore, a veteran of Citigroup Inc., New York, became president of CIGNA HealthCare in 1998. CIGNA says Pastore is leaving the company to pursue other opportunities.
"Bill's contributions to the company have been many, and his commitment to customer service and technology will serve us well for years to come," CIGNA Chairman H. Edward Hanway said in a statement about Pastore's departure.
Hanway said CIGNA hired Welch because of his strong record of building companies for profitable growth.
Before going to work for National Life, Welch was chairman of GNA Corp., Seattle, an insurance subsidiary of General Electric Capital Corp., Stamford, Conn.
National Life says it has appointed a board member, Thomas H. MacLeay, as interim chairman while it looks for a new chief executive.
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