Horizon head to step down
The nation's longest-serving chief executive of a Blue Cross Blue Shield company - William J. Marino, 67, of Horizon Blue Cross Blue Shield of New Jersey - will retire March 1, the Newark-based insurer said Monday.
The nation's longest-serving chief executive of a Blue Cross Blue Shield company - William J. Marino, 67, of Horizon Blue Cross Blue Shield of New Jersey - will retire March 1, the Newark-based insurer said Monday.
Marino will be replaced by Robert A. Marino, who is no relation. Robert Marino is currently Horizon's executive vice president and chief operating officer.
In 1992, William Marino joined Horizon to direct managed-care operations. On Jan. 1, 1994, he became chief executive. Under his leadership, Horizon's membership doubled from 1.7 million to 3.6 million, and revenues grew from $1.3 billion to more than $8 billion.
Horizon is New Jersey's dominant insurer, with a 46.7 percent share of the state's insured market.
"The next three to five years will be vitally important to our industry, and to our company," Marino said in a statement, referring to changes created by the national health-care legislation passed in March.
Marino said that he was excited about Horizon's future and its ability to meet challenges in financing health care, but that "I also believe it's not appropriate to commit to five more years as CEO at age 67."
He also will retire from his position as board chairman. Replacing him will be former American Standard chairman Emmanuel Kampouris, head of the board's governance committee.
Besides his Horizon roles, Marino plays an active role in the health-insurance industry. He serves on the boards of the national Blue Cross Blue Shield Association and America's Health Insurance Plans, a key lobbying group.