HARTFORD, Conn., February 25, 2000 — Aetna Inc. (NYSE: ΑET) announced that the Board of Directors, at a meeting held today, has named William H. Donaldson chairman, president and CEO. He replaces Richard L. Huber, who resigned.
Huber said, "Five years ago, I had the great privilege of being asked to become part of a legendary business institution called Aetna. I joined for two reasons: this company's wonderfully compelling history and the tremendous opportunity that I saw for its future. I am proud of the work we have done. We have created the largest health care benefits company in America, doubled Aetna's revenues and strategically positioned the company for a bright future."
Donaldson is the co-founder of the investment banking firm of Donaldson, Lufkin and Jenrette (DLJ); the immediate past chairman and CEO of the New York Stock Exchange; founding dean of the Yale School of Management; former U.S. Undersecretary of State, and a member of the Aetna Board of Directors since 1977.
Donaldson said, "Aetna is one of the nation's greatest companies with a long record of integrity and service to its customers and the potential to return significant shareholder value. The Board and I share not only pride in the company's leading position in health care and financial services, but also frustration at the recent returns received by Aetna shareholders.
"We have under way an urgent review of the company's strategy and operations and will initiate a program designed to realize our full potential for present and future shareholders. We will be focused on the performance of our businesses in a rapidly changing environment. This requires a continued effort to work with all of our constituents to help our customers with their most important concerns -- their health care and financial security.
"We have excellent market positions, products and services and, most importantly, a world-class work force of health care and financial experts and customer service professionals. I am confident that Aetna's future is bright.
"Finally, on behalf of the Board of Directors, I personally wish to thank my friend Dick Huber for his leadership and dedication to the company. The board and I wish him well."
A Fortune 100 company, Aetna provides nearly 47 million people worldwide with quality products, services and information to help them manage best what matters most: their health and financial well-being.
