Andrew Witty resigns as head of UnitedHealth

UnitedHealth Group reported the surprise departure of CEO Andrew Witty and suspended its 2025 forecast. The announcement sent shares of the health care giant down nearly 10% in premarket trading.

Similarly, the company detailed that Stephen J. Hemsley will take over as its chief executive officer, effective immediately.

"We are grateful for Andrew’s stewardship of UnitedHealth Group, especially during some of the most challenging times any company has ever faced," Hemsley said in a statement posted on the company's official website.

"UnitedHealth Group has tremendous opportunities to grow as we continue to help improve health care and to perform to our potential — and, in so doing, return to our long-term growth objective of 13 to 16 percent," Hemsley added.