Aetna Names Richard L. Huber President And CEO
HARTFORD, Conn., July 25, 1997 — Aetna (NYSE: ΑET) today announced that Richard L. Huber, 60, has been named president and chief executive officer of the company. Mr. Huber has been vice chairman of strategy and finance and a member of Aetna’s board of directors. Ronald E. Compton will continue as Chairman until his planned retirement date, which is at the end of February 1998.
"Dick has played a pivotal role in working closely with me to reposition the company for long-term growth," Compton said. "He has been a terrific partner in executing our strategy to increase shareholder value and was an integral force behind the transformation of Aetna into the leading health benefits company, guiding both our sale of the property-casualty business, and the merger and the highly successful integration at Aetna U.S. Healthcare. Dick has impressed both me and the Board with his strategic skills, financial savvy and leadership ability.
"We couldn’t be more pleased that Dick has agreed to expand his responsibilities. He has the experience, energy and enthusiasm needed to help the new Aetna reach its full potential and to lead it into the next century," Compton said.
"Aetna is one of the few century-old companies that has succeeded in reinventing itself for a new era," Huber said. "Today we have enormous financial flexibility, a great brand, a talented work force and tremendous opportunities in our markets. We make a real difference in the lives of our millions of customers around the world by helping them manage their health care and their financial security in retirement—two of their most important concerns. And we continue our strong tradition of good corporate citizenship in the communities where we live and work.
"My top priority as CEO will be to continue our strategy to fulfill Aetna’s potential for our shareholders, customers and employees by delivering consistently strong top- and bottom-line growth. I am excited by this opportunity and truly believe that our future is one of nearly unlimited potential."
Reporting to Mr. Huber will be Michael J. Cardillo, president of Aetna U.S. Healthcare, Frederick C. Copeland, Jr., president of Aetna International, and Daniel P. Kearney, president of Aetna Retirement Services. Also reporting to Huber will be the heads of all corporate staff areas.
Mr. Huber joined Aetna as vice chairman in February 1995 and was named a director in September 1996. He has 37 years of banking, insurance and financial services experience in the United States, Japan and Latin America.
Immediately before joining Aetna, Mr. Huber was president and chief operating officer, Grupo Wasserstein Perella, responsible for developing investment and merchant banking activities throughout Latin America for Wasserstein Perella, a leading investment banking firm. Prior to that, in 1990 he became vice chairman and a director of Continental Bank NA, Chicago, where he worked closely with the Chairman to return the institution to financial strength and profitability and negotiate its eventual sale to Bank of America. While at Continental, Mr. Huber had direct management oversight of the capital markets, risk management, direct equity, Latin America, securities and commodities and financial institutions areas.
From 1988 to 1990, he was hired as executive vice president and head, capital markets and foreign exchange sector for Chase Manhattan Bank, charged with restructuring and restoring this sector to profitability. From 1973 to 1988 he held various senior management positions with Citibank, including institutional banking head—Brazil; country head—Japan; group executive, Asia Pacific Banking Group; and group executive, Citicorp Investment Bank, overseeing its Latin American investment bank, global corporate finance and insurance businesses.
A native of North Carolina, Mr. Huber graduated from Harvard College in 1958 with a bachelor’s degree in chemistry and subsequently served as an officer in the U.S. Coast Guard. He is a director of Capital Re Corp.; a member of the board of directors of the Hartford Ballet; trustee of the Mark Twain House; trustee of Trinity College; member of the Council on Foreign Relations, and Chairman of Citizens’ Committee for Effective Government.
For more information about Aetna Inc., please visit the company's website at
www.aetna.com.
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