UnitedHealth Group CEO Stephen Hemsley, returning to run the healthcare giant after Andrew Witty resigned, said he has the right strategy in place “for the era ahead.”

UnitedHealth CEO Andrew Witty is stepping down for personal reasons and the nation’s largest health insurer suspended its full-year financial outlook due to higher-than-expected medical costs. Chairman Stephen Hemsley will become CEO, effective immediately, the Minnesota company said.

UnitedHealth Group Chief Executive Andrew Witty stepped down suddenly on Tuesday, the company said, as it suspended its 2025 forecast due to surging medical costs, sending its shares plunging more than 11% in morning trading.

May 13 (UPI) -- UnitedHealth Group announced Tuesday CEO Andrew Witty will step down, citing "personal reasons." Witty will leave the role of CEO and be replaced by Stephen J. Hemsley, effective immediately.

A group of investors this week filed a proposed class-action lawsuit against UnitedHealth Group, alleging that the company withheld information following the murder of UnitedHealthcare CEO Brian Thompson last December.

UnitedHealth Group (NYSE: UNH) today announced the appointment of Stephen J. Hemsley as its chief executive officer, effective immediately, following Andrew Witty’s decision to step down as CEO for personal reasons.

The lawsuit, which seeks class action status, alleges that UnitedHealth and its executives didn’t properly warn investors about how the killing of UnitedHealthcare CEO Brian Thompson would affect its business.