Dive Brief:
- R. Scott Blackley, Capital One's CFO of nearly five years, will depart to become CFO of health insurance start-up Oscar Health, the New York-based company announced Thursday. Blackley will leave Capital One on March 1, 2021, and will be replaced by Andrew Young, the $421.9 billion-asset firm's business line CFO.
- Blackley succeeds Sid Sankaran, Oscar's CFO of just under two years, who is departing to become chairman & CEO of reinsurance company SiriusPoint. Sankaran will become vice chairman at Oscar on Blackley's hiring, and will join the board on June 30. Blackley notified Capital One and its board of directors of his plans to depart on November 27, according to American Banker.
- "By combining the power of a technology company with the reach of a health insurance company, Oscar is transforming the industry to be more consumer-centric at a time when America needs affordable care more than ever," Blackley said in a statement. "I look forward to using my background and experience to help Oscar deliver on its mission to make a healthier life accessible and affordable for all."
Dive Insight:
Young has served as Capital One's senior vice president and business line CFO since April 2018, managing all lines of business CFO teams as well as enterprise planning and budgeting.
Young has also served as finance chief of Capital One North America, the largest of its two national bank subsidiaries.
Between January 2015 and April 2018, Young headed corporate planning as CFO of infrastructure. He joined Capital One in 1996 as an analyst and, in his nearly 25-year tenure, has worked in leadership positions across human resources and finance, including director of HR analysis and chief of staff to the CFO, Street Insider reported.
Prior to becoming finance chief, Blackley spent five years as Capital One's controller and principal accounting officer. Before joining Capital One, he served as CFO of capital markets at Fannie Mae, and worked at the Securities and Exchange Commission (SEC) and KPMG.
